ZWJ Investment Counsel Inc. Has $1.31 Million Position in 3M (NYSE:MMM)

ZWJ Investment Counsel Inc. cut its stake in 3M (NYSE:MMM) by 1.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 10,136 shares of the conglomerate’s stock after selling 140 shares during the quarter. ZWJ Investment Counsel Inc.’s holdings in 3M were worth $1,308,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of MMM. FMR LLC boosted its position in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC lifted its stake in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC acquired a new stake in shares of 3M in the 2nd quarter valued at $76,732,000. Jennison Associates LLC bought a new position in 3M in the third quarter valued at about $82,208,000. Finally, Parsifal Capital Management LP grew its holdings in shares of 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after purchasing an additional 526,194 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Up 1.3 %

MMM stock opened at $141.02 on Tuesday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.66. The stock has a fifty day moving average of $131.24 and a 200-day moving average of $127.93. The company has a market capitalization of $76.80 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.30 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the company posted $2.68 EPS. 3M’s revenue was down 24.3% compared to the same quarter last year. As a group, equities research analysts predict that 3M will post 7.28 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.99%. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MMM shares. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research report on Saturday. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Bank of America increased their price target on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. reduced their target price on 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.13.

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.