Allen Capital Group LLC Decreases Stake in 3M (NYSE:MMM)

Allen Capital Group LLC trimmed its stake in shares of 3M (NYSE:MMM - Free Report) by 88.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,436 shares of the conglomerate's stock after selling 26,696 shares during the period. Allen Capital Group LLC's holdings in 3M were worth $470,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate's stock valued at $517,617,000 after purchasing an additional 533,520 shares during the last quarter. Pacer Advisors Inc. increased its position in 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate's stock valued at $506,135,000 after purchasing an additional 97,340 shares during the period. AQR Capital Management LLC increased its position in 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate's stock valued at $258,686,000 after purchasing an additional 396,773 shares during the period. Dimensional Fund Advisors LP increased its position in 3M by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate's stock valued at $198,298,000 after purchasing an additional 11,315 shares during the period. Finally, National Pension Service increased its position in 3M by 14.5% during the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate's stock valued at $173,336,000 after purchasing an additional 161,036 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 0.9 %

3M stock traded up $1.10 during midday trading on Friday, hitting $128.42. 3,052,490 shares of the stock were exchanged, compared to its average volume of 3,195,841. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The stock has a market capitalization of $69.93 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 2.11 and a beta of 0.95. The stock's 50-day simple moving average is $132.56 and its 200 day simple moving average is $119.11. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 3M's revenue was down 24.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.68 earnings per share. On average, equities analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, November 15th. 3M's payout ratio is 35.35%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MMM. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Monday, October 28th. Bank of America lifted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Barclays lifted their price objective on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, October 23rd. Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Finally, Wells Fargo & Company boosted their target price on shares of 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $144.87.

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.