3M (NYSE:MMM) Stake Lessened by Lincoln National Corp

Lincoln National Corp trimmed its position in 3M (NYSE:MMM) by 12.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,954 shares of the conglomerate’s stock after selling 1,691 shares during the period. Lincoln National Corp’s holdings in 3M were worth $1,307,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MMM. Fragasso Group Inc. raised its position in shares of 3M by 3.8% during the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after purchasing an additional 93 shares during the period. Bangor Savings Bank grew its holdings in shares of 3M by 1.0% during the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after buying an additional 104 shares in the last quarter. Allen Capital Group LLC raised its position in 3M by 0.5% during the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after buying an additional 105 shares during the period. N.E.W. Advisory Services LLC lifted its stake in 3M by 4.0% in the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock worth $272,000 after acquiring an additional 111 shares in the last quarter. Finally, Money Concepts Capital Corp grew its stake in 3M by 5.3% during the 3rd quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock valued at $210,000 after acquiring an additional 112 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Up 0.8 %

3M stock opened at $96.35 on Thursday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The business’s 50-day simple moving average is $96.30 and its 200-day simple moving average is $97.84. The firm has a market capitalization of $53.32 billion, a PE ratio of -7.57, a PEG ratio of 1.79 and a beta of 1.00. 3M has a 52 week low of $71.12 and a 52 week high of $99.70.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period in the prior year, the business earned $1.97 earnings per share. Equities research analysts forecast that 3M will post 7.23 earnings per share for the current year.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MMM. Wells Fargo & Company lowered their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Royal Bank of Canada upped their price target on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. Citigroup boosted their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Finally, Bank of America reduced their price target on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus target price of $103.70.

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.