Allied Investment Advisors LLC Has $10.98 Million Stock Position in 3M (NYSE:MMM)

Allied Investment Advisors LLC cut its holdings in shares of 3M (NYSE:MMM) by 0.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,321 shares of the conglomerate’s stock after selling 131 shares during the quarter. 3M comprises 2.2% of Allied Investment Advisors LLC’s investment portfolio, making the stock its 18th largest holding. Allied Investment Advisors LLC’s holdings in 3M were worth $10,980,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MMM. Vanguard Group Inc. raised its stake in 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after purchasing an additional 377,703 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of 3M by 11.8% in 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 buying an additional 533,520 shares during the period. Pacer Advisors Inc. grew its position in 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after buying an additional 97,340 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after acquiring an additional 2,010,319 shares during the period. Finally, AQR Capital Management LLC raised its holdings in 3M by 18.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after acquiring an additional 396,773 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MMM has been the topic of several recent research reports. Royal Bank of Canada lifted their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Wells Fargo & Company lifted their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Finally, Bank of America increased their price target on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $125.50.

3M Trading Up 0.4 %

Shares of 3M stock traded up $0.49 on Friday, hitting $135.27. The stock had a trading volume of 2,387,396 shares, compared to its average volume of 5,014,242. 3M has a one year low of $71.12 and a one year high of $140.72. The stock has a market cap of $74.85 billion, a price-to-earnings ratio of -10.63, a PEG ratio of 2.51 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock’s 50-day simple moving average is $130.70 and its two-hundred day simple moving average is $110.47.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the prior year, the company earned $2.17 earnings per share. As a group, sell-side analysts predict that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.07%. 3M’s payout ratio is presently -22.01%.

Insider Buying and Selling

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

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.