2,152 Shares in 3M (NYSE:MMM) Purchased by Allegiance Financial Group Advisory Services LLC

Allegiance Financial Group Advisory Services LLC acquired a new position in 3M (NYSE:MMM) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,152 shares of the conglomerate’s stock, valued at approximately $278,000.

A number of other large investors have also modified their holdings of the company. NewEdge Wealth LLC increased its holdings in shares of 3M by 6.6% in the 4th quarter. NewEdge Wealth LLC now owns 240,525 shares of the conglomerate’s stock worth $31,049,000 after acquiring an additional 14,809 shares during the period. National Pension Service increased its holdings in shares of 3M by 20.0% in the 4th quarter. National Pension Service now owns 1,521,626 shares of the conglomerate’s stock worth $196,427,000 after acquiring an additional 253,623 shares during the period. DMKC Advisory Services LLC acquired a new position in 3M during the 4th quarter valued at about $3,594,000. Bank of New York Mellon Corp increased its stake in 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after buying an additional 479,621 shares during the period. Finally, Pine Valley Investments Ltd Liability Co increased its stake in 3M by 1.9% during the 4th quarter. Pine Valley Investments Ltd Liability Co now owns 102,635 shares of the conglomerate’s stock valued at $13,249,000 after buying an additional 1,961 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MMM shares. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Wednesday, January 22nd. Bank of America raised their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

Insiders Place Their Bets

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $147.39 on Thursday. 3M has a one year low of $75.40 and a one year high of $155.00. The company has a 50-day moving average of $141.75 and a two-hundred day moving average of $135.09. The stock has a market cap of $80.02 billion, a price-to-earnings ratio of 19.52, a PEG ratio of 3.30 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same period last year, the company posted $2.42 earnings per share. On average, equities research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.98%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is currently 38.68%.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.