Allred Capital Management LLC Grows Stock Position in 3M (NYSE:MMM)

Allred Capital Management LLC increased its position in shares of 3M (NYSE:MMM) by 0.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,445 shares of the conglomerate’s stock after purchasing an additional 123 shares during the quarter. Allred Capital Management LLC’s holdings in 3M were worth $1,736,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Financial Life Planners purchased a new stake in shares of 3M during the fourth quarter worth $25,000. Hazlett Burt & Watson Inc. purchased a new stake in 3M during the 4th quarter valued at about $27,000. Meeder Asset Management Inc. raised its holdings in 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after acquiring an additional 214 shares during the last quarter. ORG Partners LLC lifted its stake in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC boosted its holdings in shares of 3M by 81.5% during the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock worth $47,000 after purchasing an additional 163 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MMM shares. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Tuesday, April 8th. Citigroup lowered their price target on shares of 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research report on Monday. Bank of America raised their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, Barclays dropped their price target on shares of 3M from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $146.47.

3M Stock Down 0.2 %

Shares of MMM opened at $130.16 on Friday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock has a market capitalization of $70.20 billion, a PE ratio of 17.24, a P/E/G ratio of 3.30 and a beta of 1.01. The company’s 50-day simple moving average is $144.93 and its 200-day simple moving average is $138.26. 3M has a 1 year low of $90.65 and a 1 year high of $156.35.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter last year, the company posted $2.42 EPS. The firm’s revenue was down 25.0% compared to the same quarter last year. Analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.24%. 3M’s dividend payout ratio is 38.68%.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This trade represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. 0.48% of the stock is currently owned by company insiders.

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.