3M Company $MMM Shares Newly Bought by NBT Bank N.A.

NBT Bank N.A. acquired a new position in 3M Company (NYSE:MMM) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 8,953 shares of the conglomerate’s stock, valued at approximately $1,470,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Engineers Gate Manager LP boosted its position in shares of 3M by 74.0% during the 2nd quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate’s stock valued at $46,574,000 after purchasing an additional 122,368 shares in the last quarter. North Star Asset Management Inc. bought a new stake in 3M in the second quarter worth approximately $1,424,000. Moore Capital Management LP bought a new stake in 3M in the second quarter worth approximately $7,948,000. B.A. Schrock Wealth Management Inc. acquired a new position in 3M in the third quarter valued at approximately $1,770,000. Finally, Amundi lifted its stake in 3M by 67.0% in the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after buying an additional 1,819,178 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at 3M

In other news, insider Karin Chavez sold 3,635 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total value of $663,423.85. Following the transaction, the insider owned 14,035 shares in the company, valued at $2,561,527.85. This trade represents a 20.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Wolfe Research reiterated an “outperform” rating on shares of 3M in a research note on Thursday, July 9th. Raymond James Financial reissued a “market perform” rating on shares of 3M in a research note on Wednesday. Wells Fargo & Company initiated coverage on shares of 3M in a report on Thursday, September 24th. They issued an “equal weight” rating and a $195.00 price target for the company. Royal Bank Of Canada raised their price target on shares of 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a report on Wednesday. Finally, Citigroup lifted their price target on shares of 3M from $183.00 to $188.00 and gave the company a “neutral” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $185.36.

3M Trading Down 1.1%

MMM opened at $173.62 on Friday. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 0.91. 3M Company has a fifty-two week low of $139.34 and a fifty-two week high of $184.90. The firm has a market capitalization of $89.72 billion, a PE ratio of 25.88, a P/E/G ratio of 2.29 and a beta of 0.99. The company’s 50-day moving average is $168.84 and its 200 day moving average is $162.21.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.12. The business had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.19 EPS. As a group, research analysts predict that 3M Company will post 9.14 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Monday, August 24th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 24th. This represents a $3.12 annualized dividend and a dividend yield of 1.8%. 3M’s dividend payout ratio is 46.50%.

3M Company Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.