Pinnacle Financial Partners Inc Has $1.76 Million Holdings in 3M (NYSE:MMM)

Pinnacle Financial Partners Inc trimmed its holdings in 3M (NYSE:MMM) by 10.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 12,857 shares of the conglomerate’s stock after selling 1,508 shares during the period. Pinnacle Financial Partners Inc’s holdings in 3M were worth $1,758,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Simmons Bank acquired a new stake in 3M during the 3rd quarter valued at $263,000. Empower Advisory Group LLC lifted its stake in shares of 3M by 12.6% during the 3rd quarter. Empower Advisory Group LLC now owns 9,806 shares of the conglomerate’s stock worth $1,340,000 after buying an additional 1,099 shares during the last quarter. Aptus Capital Advisors LLC boosted its holdings in shares of 3M by 13.7% during the 3rd quarter. Aptus Capital Advisors LLC now owns 5,866 shares of the conglomerate’s stock worth $802,000 after buying an additional 706 shares during the period. First Heartland Consultants Inc. acquired a new position in 3M in the 3rd quarter valued at about $243,000. Finally, Hemenway Trust Co LLC bought a new position in 3M in the 3rd quarter valued at about $220,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MMM has been the topic of several research reports. Barclays upped their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Finally, Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Up 0.7 %

NYSE MMM opened at $132.32 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The business has a fifty day moving average price of $132.76 and a two-hundred day moving average price of $117.50. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock has a market capitalization of $72.06 billion, a PE ratio of 16.71, a PEG ratio of 2.16 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same period last year, the company posted $2.68 EPS. Equities analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.12%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

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.