Associated Banc Corp Reduces Holdings in 3M (NYSE:MMM)

Associated Banc Corp cut its stake in 3M (NYSE:MMM - Free Report) by 33.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,891 shares of the conglomerate's stock after selling 4,475 shares during the quarter. Associated Banc Corp's holdings in 3M were worth $1,148,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Life Planners purchased a new position in 3M in the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC purchased a new position in 3M in the 4th quarter worth approximately $26,000. FSA Wealth Management LLC purchased a new position in 3M in the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC lifted its stake in 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after purchasing an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC lifted its stake in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after purchasing an additional 98 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MMM has been the topic of a number of research reports. Citigroup raised their target price on shares of 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 22nd. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Friday, March 7th. Bank of America raised their price target on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. JPMorgan Chase & Co. raised their price target on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an "underperform" rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Two equities research 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. According to MarketBeat.com, 3M has a consensus rating of "Moderate Buy" and a consensus price target of $149.13.

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Insider Transactions at 3M

In other 3M news, EVP Kevin H. Rhodes sold 6,743 shares of the firm's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares of the company's stock, valued at approximately $734,564.70. This trade represents a 57.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Down 1.3 %

MMM stock traded down $2.06 during midday trading on Thursday, hitting $151.16. The company's stock had a trading volume of 2,578,890 shares, compared to its average volume of 4,063,768. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 52-week low of $85.62 and a 52-week high of $156.35. The firm has a market capitalization of $82.06 billion, a P/E ratio of 20.02, a PEG ratio of 3.30 and a beta of 0.97. The firm has a 50-day simple moving average of $147.62 and a 200-day simple moving average of $137.26.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating 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 firm's revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.42 EPS. As a group, equities analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.93%. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M's payout ratio is 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.