3M Company $MMM Shares Purchased by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. boosted its holdings in 3M Company (NYSE:MMM) by 5.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 23,768 shares of the conglomerate’s stock after acquiring an additional 1,173 shares during the period. Cullen Frost Bankers Inc.’s holdings in 3M were worth $3,618,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MMM. Caitong International Asset Management Co. Ltd acquired a new position in 3M in the first quarter valued at approximately $28,000. WPG Advisers LLC acquired a new position in 3M in the first quarter valued at approximately $28,000. GFG Capital LLC acquired a new position in 3M in the second quarter valued at approximately $28,000. Saudi Central Bank acquired a new position in 3M during the first quarter worth $31,000. Finally, Intelligent Financial Strategies acquired a new position in 3M during the first quarter worth $42,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the company’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares of the company’s stock, valued at $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of research reports. Weiss Ratings restated a “buy (b-)” rating on shares of 3M in a research note on Wednesday, October 8th. Morgan Stanley set a $160.00 price target on 3M and gave the stock an “equal weight” rating in a research note on Tuesday. Wells Fargo & Company upped their price target on 3M from $176.00 to $183.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup upped their price target on 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and an average price target of $172.67.

3M Stock Performance

NYSE:MMM opened at $166.99 on Thursday. The firm has a market capitalization of $88.94 billion, a PE ratio of 26.68, a price-to-earnings-growth ratio of 2.74 and a beta of 1.05. The business’s fifty day moving average price is $155.31 and its 200 day moving average price is $149.31. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M Company has a 12 month low of $121.98 and a 12 month high of $169.18.

3M (NYSE:MMM) last posted its earnings results on Tuesday, February 21st. The conglomerate reported $2.45 EPS for the quarter. The firm had revenue of $8.38 billion for the quarter. 3M had a return on equity of 100.89% and a net margin of 13.70%. On average, sell-side analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Monday, August 25th. 3M’s dividend payout ratio is 40.61%.

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.