Eastern Bank Invests $1.49 Million in 3M (NYSE:MMM)

Eastern Bank acquired a new stake in shares of 3M (NYSE:MMM) in the third quarter, Holdings Channel reports. The firm acquired 10,912 shares of the conglomerate’s stock, valued at approximately $1,492,000.

Several other large investors also recently added to or reduced their stakes in MMM. Global Assets Advisory LLC purchased a new stake in shares of 3M in the first quarter valued at approximately $1,480,000. G&S Capital LLC grew its position in shares of 3M by 6.3% during the 1st quarter. G&S Capital LLC now owns 10,499 shares of the conglomerate’s stock worth $1,114,000 after buying an additional 625 shares in the last quarter. Wealthcare Advisory Partners LLC increased its stake in shares of 3M by 20.7% during the first quarter. Wealthcare Advisory Partners LLC now owns 15,988 shares of the conglomerate’s stock valued at $1,696,000 after buying an additional 2,741 shares during the period. Cardinal Capital Management raised its holdings in shares of 3M by 16.8% in the first quarter. Cardinal Capital Management now owns 47,749 shares of the conglomerate’s stock valued at $5,065,000 after acquiring an additional 6,867 shares in the last quarter. Finally, Buckley Wealth Management LLC lifted its stake in 3M by 36.7% in the first quarter. Buckley Wealth Management LLC now owns 29,889 shares of the conglomerate’s stock worth $3,170,000 after acquiring an additional 8,020 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Price Performance

Shares of NYSE:MMM opened at $131.73 on Wednesday. 3M has a twelve month low of $71.12 and a twelve month high of $141.34. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The company has a market cap of $72.89 billion, a PE ratio of -10.36, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. The company’s 50 day moving average is $133.03 and its 200 day moving average is $113.46.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the company posted $2.17 EPS. On average, sell-side analysts forecast that 3M will post 7.24 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is -22.01%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MMM shares. Royal Bank of Canada upped their price target on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Bank of America boosted their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Wells Fargo & Company lifted their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Citigroup increased their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Mizuho lifted their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $133.87.

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.