Allspring Global Investments Holdings LLC Lowers Holdings in 3M (NYSE:MMM)

Allspring Global Investments Holdings LLC trimmed its holdings in 3M (NYSE:MMM - Free Report) by 50.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,749 shares of the conglomerate's stock after selling 34,681 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in 3M were worth $3,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Fortune Financial Advisors LLC purchased a new position in shares of 3M during the fourth quarter valued at approximately $213,000. Bleakley Financial Group LLC raised its stake in 3M by 11.6% during the fourth quarter. Bleakley Financial Group LLC now owns 18,950 shares of the conglomerate's stock valued at $2,072,000 after buying an additional 1,969 shares during the last quarter. Meeder Advisory Services Inc. raised its stake in 3M by 6.1% during the fourth quarter. Meeder Advisory Services Inc. now owns 7,549 shares of the conglomerate's stock valued at $825,000 after buying an additional 432 shares during the last quarter. Wakefield Asset Management LLLP bought a new stake in 3M in the fourth quarter worth $300,000. Finally, Means Investment CO. Inc. purchased a new stake in shares of 3M in the fourth quarter worth $204,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

MMM stock traded up $0.79 during trading on Friday, reaching $92.27. The stock had a trading volume of 3,588,522 shares, compared to its average volume of 4,648,513. The firm has a market cap of $51.06 billion, a PE ratio of -7.31, a PEG ratio of 1.62 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The stock's 50 day moving average is $95.76 and its two-hundred day moving average is $97.30. 3M has a 52 week low of $71.12 and a 52 week high of $95.67.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to analysts' expectations of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business's quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.28 EPS. As a group, equities analysts anticipate that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is an increase from 3M's previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.55%. 3M's payout ratio is presently -47.82%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MMM shares. StockNews.com raised 3M from a "buy" rating to a "strong-buy" rating in a research report on Tuesday. Mizuho reiterated a "neutral" rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. Bank of America reduced their price target on shares of 3M from $110.00 to $100.00 and set a "neutral" rating for the company in a research report on Tuesday, April 2nd. Barclays lowered their price objective on 3M from $126.00 to $107.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 2nd. Finally, Wells Fargo & Company reduced their target price on 3M from $112.00 to $105.00 and set an "equal weight" rating for the company in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of "Hold" and a consensus target price of $104.00.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm's stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company's stock, valued at $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.34% of the stock is currently owned by company insiders.

3M Company 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.