M&T Bank Corp Sells 17,178 Shares of 3M (NYSE:MMM)

M&T Bank Corp lessened its stake in shares of 3M (NYSE:MMM) by 5.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 306,162 shares of the conglomerate’s stock after selling 17,178 shares during the period. M&T Bank Corp owned 0.06% of 3M worth $33,469,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Fragasso Group Inc. grew its position in 3M by 3.8% during the 3rd 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 last quarter. Bangor Savings Bank grew its position in 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after purchasing an additional 104 shares during the last quarter. Allen Capital Group LLC grew its position in 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after purchasing an additional 105 shares during the last quarter. N.E.W. Advisory Services LLC boosted its holdings in shares of 3M by 4.0% in the third quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after acquiring an additional 111 shares in the last quarter. Finally, Money Concepts Capital Corp increased its stake in shares of 3M by 5.3% during the third quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock worth $210,000 after acquiring an additional 112 shares during the period. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lowered their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada increased their price objective on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Barclays reduced their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. Finally, UBS Group increased their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average price target of $103.70.

3M Trading Up 0.4 %

Shares of 3M stock traded up $0.34 during trading hours on Friday, reaching $97.15. 4,818,713 shares of the company’s stock were exchanged, compared to its average volume of 4,770,578. The firm has a market capitalization of $53.76 billion, a price-to-earnings ratio of -7.64, a price-to-earnings-growth ratio of 1.78 and a beta of 1.00. The company has a current ratio of 1.64, a quick ratio of 0.76 and a debt-to-equity ratio of 4.17. 3M has a 52-week low of $71.12 and a 52-week high of $99.70. The company has a fifty day moving average of $96.05 and a 200-day moving average of $97.54.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period last year, the company earned $1.97 EPS. Sell-side analysts forecast that 3M will post 7.26 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 6.22%. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.48%.

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.