3M (NYSE:MMM) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its position in 3M (NYSE:MMM) by 1.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,419,276 shares of the conglomerate’s stock after selling 24,620 shares during the quarter. PNC Financial Services Group Inc.’s holdings in 3M were worth $183,214,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MMM. Principal Financial Group Inc. boosted its stake in 3M by 15.3% during the 3rd quarter. Principal Financial Group Inc. now owns 737,075 shares of the conglomerate’s stock worth $100,758,000 after purchasing an additional 97,741 shares during the last quarter. Comprehensive Financial Consultants Institutional Inc. acquired a new position in 3M during the third quarter worth about $205,000. CWA Asset Management Group LLC purchased a new stake in 3M during the 3rd quarter valued at about $3,915,000. Assetmark Inc. raised its holdings in 3M by 51.0% in the 3rd quarter. Assetmark Inc. now owns 651 shares of the conglomerate’s stock valued at $89,000 after acquiring an additional 220 shares during the last quarter. Finally, Kerusso Capital Management LLC lifted its stake in 3M by 6.4% in the 3rd quarter. Kerusso Capital Management LLC now owns 22,961 shares of the conglomerate’s stock worth $3,139,000 after purchasing an additional 1,387 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kevin H. Rhodes sold 6,743 shares of 3M stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the sale, the executive vice president now owns 4,902 shares in the company, valued at $734,564.70. This represents a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Down 0.4 %

MMM stock opened at $146.36 on Friday. 3M has a fifty-two week low of $78.14 and a fifty-two week high of $156.35. The company’s 50 day moving average price is $144.51 and its 200 day moving average price is $136.23. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market capitalization of $79.46 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.42 EPS. On average, equities research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.00%. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. 3M’s payout ratio is 38.68%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Friday. Bank of America raised their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

About 3M

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.