Allspring Global Investments Holdings LLC Has $26.85 Million Stake in 3M Company (NYSE:MMM)

Allspring Global Investments Holdings LLC lessened its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 13.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 181,813 shares of the conglomerate's stock after selling 28,035 shares during the period. Allspring Global Investments Holdings LLC's holdings in 3M were worth $26,848,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in MMM. Proficio Capital Partners LLC acquired a new stake in 3M during the fourth quarter worth approximately $26,000. REAP Financial Group LLC grew its holdings in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. acquired a new stake in 3M during the fourth quarter worth about $27,000. Pinney & Scofield Inc. acquired a new position in shares of 3M in the 4th quarter valued at approximately $28,000. Finally, Curat Global LLC bought a new stake in shares of 3M during the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Buying and Selling

In other news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Trading Down 1.1%

Shares of MMM stock traded down $1.75 during mid-day trading on Thursday, reaching $152.23. 3,182,854 shares of the stock traded hands, compared to its average volume of 3,804,709. The company has a market cap of $81.92 billion, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of 3.01 and a beta of 1.02. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. The stock's fifty day simple moving average is $146.06 and its two-hundred day simple moving average is $143.25. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The company had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. On average, research analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.92%. 3M's payout ratio is 36.87%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MMM. Wells Fargo & Company lifted their price objective on shares of 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a research note on Tuesday. JPMorgan Chase & Co. raised their target price on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Citigroup upped their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Finally, Barclays lifted their target price on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, 3M has a consensus rating of "Moderate Buy" and an average price target of $155.83.

About 3M

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.