Allstate Corp Purchases Shares of 16,272 3M (NYSE:MMM)

Allstate Corp purchased a new position in shares of 3M (NYSE:MMM) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 16,272 shares of the conglomerate’s stock, valued at approximately $2,101,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Brown Brothers Harriman & Co. boosted its holdings in 3M by 3.8% in the fourth quarter. Brown Brothers Harriman & Co. now owns 24,567 shares of the conglomerate’s stock valued at $3,171,000 after purchasing an additional 904 shares in the last quarter. DnB Asset Management AS lifted its position in shares of 3M by 15.1% during the 4th quarter. DnB Asset Management AS now owns 164,004 shares of the conglomerate’s stock worth $21,171,000 after buying an additional 21,479 shares during the last quarter. denkapparat Operations GmbH acquired a new position in shares of 3M in the 4th quarter valued at $487,000. Premier Fund Managers Ltd purchased a new position in shares of 3M in the 4th quarter valued at $9,984,000. Finally, Pictet Asset Management Holding SA raised its stake in 3M by 15.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 314,194 shares of the conglomerate’s stock worth $40,559,000 after acquiring an additional 42,385 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Down 2.5 %

MMM opened at $144.74 on Friday. 3M has a one year low of $88.23 and a one year high of $156.35. The company has a market cap of $78.58 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 3.30 and a beta of 0.97. The business’s fifty day moving average is $149.60 and its two-hundred day moving average is $138.23. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

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

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio is currently 38.68%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MMM shares. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Barclays upped their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Bank of America increased their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Two 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $149.13.

Insider Activity

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the sale, the insider now directly owns 5,153 shares of the company’s stock, valued at $774,238.25. This trade represents a 24.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction that occurred on 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 sale, the insider now directly owns 5,024 shares of the company’s stock, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last three months. 0.34% of the stock is currently owned by corporate 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.