Citizens Financial Group Inc RI cut its stake in shares of 3M Co (NYSE:MMM) by 3.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,599 shares of the conglomerate’s stock after selling 732 shares during the quarter. Citizens Financial Group Inc RI’s holdings in 3M were worth $4,129,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bingham Osborn & Scarborough LLC boosted its stake in shares of 3M by 16.8% during the 3rd quarter. Bingham Osborn & Scarborough LLC now owns 2,307 shares of the conglomerate’s stock worth $486,000 after acquiring an additional 331 shares in the last quarter. HL Financial Services LLC boosted its stake in shares of 3M by 3.3% during the 3rd quarter. HL Financial Services LLC now owns 189,256 shares of the conglomerate’s stock worth $39,878,000 after acquiring an additional 6,053 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of 3M by 6.3% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 123,640 shares of the conglomerate’s stock worth $26,052,000 after acquiring an additional 7,335 shares in the last quarter. Advisory Services Network LLC lifted its holdings in shares of 3M by 3.8% in the third quarter. Advisory Services Network LLC now owns 20,886 shares of the conglomerate’s stock valued at $4,400,000 after purchasing an additional 765 shares in the last quarter. Finally, Valmark Advisers Inc. lifted its holdings in shares of 3M by 22.1% in the third quarter. Valmark Advisers Inc. now owns 1,656 shares of the conglomerate’s stock valued at $349,000 after purchasing an additional 300 shares in the last quarter. 67.69% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:MMM opened at $198.37 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31. 3M Co has a 1 year low of $181.98 and a 1 year high of $259.77. The firm has a market cap of $117.10 billion, a P/E ratio of 21.63, a PEG ratio of 1.97 and a beta of 1.18.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The firm had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.41 billion. During the same quarter in the prior year, the business posted $2.33 earnings per share. 3M’s revenue was down .2% on a year-over-year basis. Analysts anticipate that 3M Co will post 10.02 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 23rd will be issued a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a dividend yield of 2.74%. 3M’s dividend payout ratio is 59.32%.

A number of analysts have recently issued reports on MMM shares. Royal Bank of Canada restated a “buy” rating and issued a $234.00 target price on shares of 3M in a report on Wednesday, July 25th. Barclays reduced their target price on 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a report on Wednesday, July 25th. Morgan Stanley started coverage on 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 target price for the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Finally, UBS Group increased their target price on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, August 30th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. 3M currently has an average rating of “Hold” and an average price target of $225.23.

In other news, Director Gregory R. Page acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The stock was acquired at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the acquisition, the director now owns 1,500 shares in the company, valued at $276,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the sale, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

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3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

See Also: Diversification in Investing

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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