FineMark National Bank & Trust Lowers Position in 3M (NYSE:MMM)

FineMark National Bank & Trust decreased its stake in 3M (NYSE:MMM) by 4.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,321 shares of the conglomerate’s stock after selling 777 shares during the quarter. FineMark National Bank & Trust’s holdings in 3M were worth $1,872,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Jade Capital Advisors LLC bought a new stake in 3M during the 4th quarter worth approximately $4,373,000. Scarborough Advisors LLC purchased a new position in shares of 3M during the 4th quarter valued at $978,000. KMG Fiduciary Partners LLC boosted its holdings in 3M by 2.2% in the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after buying an additional 311 shares during the period. Norden Group LLC increased its stake in 3M by 1,381.0% in the 1st quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock worth $6,930,000 after buying an additional 60,929 shares in the last quarter. Finally, Financial Synergies Wealth Advisors Inc. raised its holdings in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

3M stock opened at $131.40 on Friday. The company’s 50-day moving average price is $117.95 and its 200-day moving average price is $104.73. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The company has a market cap of $72.71 billion, a PE ratio of -10.33, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a twelve month low of $71.12 and a twelve month high of $134.99.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the prior year, the business posted $2.17 earnings per share. On average, equities research analysts forecast that 3M will post 7.2 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s payout ratio is -22.01%.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’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 owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MMM shares. Royal Bank of Canada upped their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research report on Tuesday, July 30th. Bank of America boosted their target price on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $124.38.

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.