3M Company (MMM) Holdings Lifted by Private Trust Co. NA
Private Trust Co. NA grew its position in 3M Company (NYSE:MMM) by 10.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 21,709 shares of the conglomerate’s stock after buying an additional 2,097 shares during the period. 3M makes up about 1.0% of Private Trust Co. NA’s investment portfolio, making the stock its 20th largest holding. Private Trust Co. NA’s holdings in 3M were worth $4,519,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of MMM. American Century Companies Inc. raised its holdings in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the last quarter. Karp Capital Management Corp raised its holdings in 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares during the last quarter. Swiss National Bank raised its holdings in 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after buying an additional 447,900 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its holdings in 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after buying an additional 220,741 shares during the last quarter. 66.31% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the stock. Royal Bank Of Canada reissued a “hold” rating and set a $209.00 price objective on shares of 3M in a report on Friday. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective for the company in a report on Monday, June 19th. Bank of America Corporation reissued a “buy” rating and set a $227.00 price objective on shares of 3M in a report on Thursday. Stifel Nicolaus reissued a “hold” rating and set a $202.00 price objective on shares of 3M in a report on Wednesday, July 19th. Finally, Morgan Stanley reissued an “underweight” rating and set a $191.00 price objective (down from $193.00) on shares of 3M in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. 3M has an average rating of “Hold” and a consensus target price of $207.93.
In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the transaction, the insider now directly owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Eric D. Hammes sold 1,428 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at $633,619.56. The disclosure for this sale can be found here. Insiders have sold a total of 9,112 shares of company stock valued at $1,878,890 over the last three months. 0.58% of the stock is currently owned by insiders.
Shares of 3M Company (MMM) traded up 0.91% during mid-day trading on Friday, reaching $213.35. 3,636,437 shares of the company traded hands. The firm has a market capitalization of $127.32 billion, a price-to-earnings ratio of 24.34 and a beta of 1.08. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The firm has a 50-day moving average price of $205.40 and a 200 day moving average price of $200.88.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the prior year, the business posted $2.08 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, analysts anticipate that 3M Company will post $8.94 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were given a dividend of $1.175 per share. This represents a $4.70 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Wednesday, August 23rd. 3M’s dividend payout ratio is presently 53.59%.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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