Allspring Global Investments Holdings LLC Acquires 155,435 Shares of 3M (NYSE:MMM)

Allspring Global Investments Holdings LLC grew its holdings in 3M (NYSE:MMM) by 545.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 183,953 shares of the conglomerate’s stock after acquiring an additional 155,435 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in 3M were worth $25,146,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Stonegate Investment Group LLC boosted its position in shares of 3M by 5.6% in the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after acquiring an additional 13,473 shares during the period. Ausdal Financial Partners Inc. lifted its position in 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after purchasing an additional 249 shares during the period. Candriam S.C.A. lifted its position in 3M by 19.2% during the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after purchasing an additional 6,185 shares during the period. True Vision MN LLC bought a new stake in 3M during the second quarter worth about $512,000. Finally, Clifford Capital Partners LLC lifted its position in 3M by 21.3% during the second quarter. Clifford Capital Partners LLC now owns 171,152 shares of the conglomerate’s stock worth $17,490,000 after purchasing an additional 30,009 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MMM shares. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Bank of America increased their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M has a consensus rating of “Hold” and an average target price of $135.67.

Insiders Place Their Bets

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

3M Stock Down 2.9 %

Shares of NYSE MMM opened at $127.91 on Thursday. The company has a 50 day simple moving average of $133.07 and a 200 day simple moving average of $113.57. The firm has a market cap of $70.78 billion, a PE ratio of -10.06, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a 1 year low of $72.47 and a 1 year high of $141.34. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter last year, the business earned $2.68 EPS. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. On average, research analysts forecast that 3M will post 7.24 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.19%. 3M’s payout ratio is -22.01%.

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.