10,404 3M Company $MMM Shares Acquired by Crossmark Global Holdings Inc.

Key Points

• Crossmark Global Holdings increased its 3M stake by 41.8% in the third quarter, acquiring 10,404 additional shares for a total of 35,304 shares valued at approximately $5.8 million. Institutional investors collectively own 65.25% of the company.
• 3M reported quarterly earnings of $2.50 per share, beating estimates of $2.38, while revenue reached $6.60 billion, up 1.5% year over year. The company also maintains a quarterly dividend of $0.78 per share, representing a 1.8% annual yield.
• Analyst sentiment remains mixed, with seven Buy, eight Hold, and one Sell rating; the consensus rating is Hold with a $185.36 price target. 3M shares recently traded at $173.62, below the consensus target.

Crossmark Global Holdings Inc. lifted its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 41.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 35,304 shares of the conglomerate's stock after acquiring an additional 10,404 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in 3M were worth $5,795,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Security National Bank of SO Dak acquired a new position in 3M during the second quarter worth about $32,000. Trellis Wealth Advisors LLC bought a new position in 3M in the 3rd quarter valued at about $33,000. Compass Financial Management LLC purchased a new position in 3M in the second quarter valued at about $38,000. Cornerstone Planning Group LLC lifted its holdings in 3M by 32.1% during the 1st quarter. Cornerstone Planning Group LLC now owns 292 shares of the conglomerate's stock worth $42,000 after purchasing an additional 71 shares in the last quarter. Finally, West Paces Advisors Inc. purchased a new position in 3M in the 2nd quarter worth approximately $49,000. 65.25% of the stock is owned by institutional investors.

3M Price Performance

NYSE:MMM opened at $173.62 on Friday. The firm has a market cap of $89.72 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 2.29 and a beta of 0.99. The company has a current ratio of 1.41, a quick ratio of 0.91 and a debt-to-equity ratio of 3.01. 3M Company has a 12-month low of $139.34 and a 12-month high of $184.90. The company's 50-day moving average is $168.84 and its two-hundred day moving average is $162.21.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, beating the consensus estimate of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same quarter last year, the firm posted $2.19 earnings per share. 3M's revenue for the quarter was up 1.5% compared to the same quarter last year. Research analysts expect that 3M Company will post 9.14 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 24th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Monday, August 24th. 3M's dividend payout ratio (DPR) is currently 46.50%.

Analyst Ratings Changes

Several research firms recently issued reports on MMM. Sanford C. Bernstein raised their target price on 3M from $171.00 to $197.00 and gave the stock a "market perform" rating in a research note on Wednesday. Wells Fargo & Company initiated coverage on shares of 3M in a research report on Thursday, September 24th. They set an "equal weight" rating and a $195.00 target price on the stock. UBS Group reaffirmed a "buy" rating on shares of 3M in a research report on Wednesday. Citigroup lifted their price objective on shares of 3M from $183.00 to $188.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, JPMorgan Chase & Co. raised their target price on 3M from $185.00 to $191.00 and gave the stock an "overweight" rating in a research note on Wednesday. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $185.36.

Insider Activity at 3M

In related news, insider Karin Chavez sold 3,635 shares of the business's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total transaction of $663,423.85. Following the completion of the sale, the insider owned 14,035 shares of the company's stock, valued at $2,561,527.85. This represents a 20.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.19% of the company's stock.

3M Company Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.

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