Lincoln National Corp Has $2.05 Million Stake in 3M (NYSE:MMM)

Lincoln National Corp grew its position in shares of 3M (NYSE:MMM – Get Rating) by 10.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 18,516 shares of the conglomerate’s stock after acquiring an additional 1,817 shares during the period. Lincoln National Corp’s holdings in 3M were worth $2,046,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Cetera Advisor Networks LLC lifted its holdings in shares of 3M by 10.6% during the 2nd quarter. Cetera Advisor Networks LLC now owns 105,769 shares of the conglomerate’s stock valued at $13,687,000 after buying an additional 10,105 shares during the last quarter. Clear Harbor Asset Management LLC lifted its holdings in shares of 3M by 184.6% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 7,417 shares of the conglomerate’s stock valued at $960,000 after buying an additional 4,811 shares during the last quarter. Wealthfront Advisers LLC lifted its holdings in shares of 3M by 22.0% during the 2nd quarter. Wealthfront Advisers LLC now owns 39,356 shares of the conglomerate’s stock valued at $5,093,000 after buying an additional 7,086 shares during the last quarter. Key Financial Inc raised its stake in shares of 3M by 184.0% in the 3rd quarter. Key Financial Inc now owns 3,209 shares of the conglomerate’s stock valued at $355,000 after acquiring an additional 2,079 shares in the last quarter. Finally, Stonehage Fleming Financial Services Holdings Ltd raised its stake in shares of 3M by 494.3% in the 2nd quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 5,141 shares of the conglomerate’s stock valued at $665,000 after acquiring an additional 4,276 shares in the last quarter. 65.61% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

MMM opened at $122.62 on Tuesday. The stock has a market cap of $67.78 billion, a PE ratio of 10.68, a P/E/G ratio of 1.25 and a beta of 1.00. The company has a current ratio of 1.56, a quick ratio of 0.97 and a debt-to-equity ratio of 0.98. 3M has a 1 year low of $107.07 and a 1 year high of $175.25. The stock’s 50 day simple moving average is $124.89 and its 200-day simple moving average is $126.29.

3M (NYSE:MMM – Get Rating) last released its quarterly earnings data on Tuesday, October 25th. The conglomerate reported $2.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.08. The business had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.70 billion. 3M had a return on equity of 40.03% and a net margin of 18.91%. 3M’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.45 earnings per share. Sell-side analysts forecast that 3M will post 10.17 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 12th. Stockholders of record on Friday, November 18th were given a dividend of $1.49 per share. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date of this dividend was Thursday, November 17th. 3M’s dividend payout ratio is presently 51.92%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MMM shares. Mizuho cut their price objective on 3M from $140.00 to $130.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 26th. Wells Fargo & Company raised their price objective on 3M from $123.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 19th. StockNews.com started coverage on 3M in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Morgan Stanley raised their price objective on 3M from $108.00 to $110.00 and gave the company an “underweight” rating in a research note on Wednesday, October 26th. Finally, The Goldman Sachs Group cut their price objective on 3M from $149.00 to $129.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 11th. Three investment analysts have rated the stock with a sell rating and ten have given a hold rating to the company. Based on data from MarketBeat, 3M presently has a consensus rating of “Hold” and a consensus target price of $133.79.

Insider Activity

In other news, EVP Kevin H. Rhodes sold 5,703 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $126.40, for a total transaction of $720,859.20. Following the sale, the executive vice president now directly owns 2,033 shares in the company, valued at $256,971.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the business’s stock in a transaction on Friday, October 28th. The stock was sold at an average price of $126.28, for a total value of $135,245.88. Following the sale, the senior vice president now owns 3,313 shares of the company’s stock, valued at approximately $418,365.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kevin H. Rhodes sold 5,703 shares of the business’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $126.40, for a total value of $720,859.20. Following the completion of the sale, the executive vice president now directly owns 2,033 shares in the company, valued at approximately $256,971.20. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.

3M Company Profile

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.