16,272 Shares in 3M (NYSE:MMM) Bought by Allstate Corp

Allstate Corp acquired a new stake in shares of 3M (NYSE:MMM - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 16,272 shares of the conglomerate's stock, valued at approximately $2,101,000.

Several other large investors have also made changes to their positions in MMM. Investors Asset Management of Georgia Inc. GA ADV increased its position in 3M by 1.3% in the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock valued at $694,000 after acquiring an additional 67 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of 3M by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock valued at $665,000 after purchasing an additional 70 shares during the last quarter. Gilbert & Cook Inc. increased its holdings in shares of 3M by 1.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock valued at $659,000 after purchasing an additional 73 shares during the period. Childress Capital Advisors LLC raised its stake in shares of 3M by 5.1% during the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock worth $203,000 after purchasing an additional 76 shares during the last quarter. Finally, Capital Advisors Ltd. LLC lifted its holdings in shares of 3M by 5.3% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate's stock worth $196,000 after purchasing an additional 77 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

Shares of NYSE MMM traded up $0.72 on Tuesday, hitting $147.58. The company's stock had a trading volume of 2,261,186 shares, compared to its average volume of 4,127,685. The stock has a 50 day moving average of $149.72 and a 200-day moving average of $138.39. The company has a market capitalization of $79.59 billion, a price-to-earnings ratio of 19.54, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. 3M has a 12-month low of $88.23 and a 12-month high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

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3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M's revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 EPS. As a group, research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.98%. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's dividend payout ratio is 38.68%.

Analysts Set New Price Targets

A number of equities analysts have commented on MMM shares. JPMorgan Chase & Co. upped their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Saturday, March 22nd. Bank of America boosted their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Finally, Citigroup upped their price objective on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, 3M presently has a consensus rating of "Moderate Buy" and a consensus target price of $149.13.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares of the company's stock, valued at $750,736.32. This represents a 55.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This trade represents 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 valued at $17,163,446 in the last ninety days. Insiders own 0.34% of the company's stock.

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.