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

Pinnacle Financial Partners Inc reduced its stake in 3M (NYSE:MMM) by 10.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Ballentine Partners LLC grew its position in shares of 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after buying an additional 5,210 shares during the period. Stonegate Investment Group LLC grew its holdings in 3M by 5.6% during the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the period. Ausdal Financial Partners Inc. increased its stake in 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after purchasing an additional 249 shares in the last quarter. Candriam S.C.A. raised its holdings in 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after purchasing an additional 6,185 shares during the period. Finally, True Vision MN LLC bought a new position in shares of 3M during the second quarter worth $512,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Morgan Stanley assumed coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Barclays lifted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Trading Up 0.7 %

Shares of NYSE:MMM opened at $132.32 on Friday. The company’s 50-day moving average price is $132.76 and its two-hundred day moving average price is $117.50. 3M has a one year low of $75.40 and a one year high of $141.34. 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 price-to-earnings-growth ratio of 2.16 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.68 earnings per share. On average, equities analysts forecast that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors 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 dividend on an annualized basis and a yield of 2.12%. 3M’s payout ratio is 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.