Farmers Trust Co. Reduces Stock Position in 3M (NYSE:MMM)

Farmers Trust Co. trimmed its position in 3M (NYSE:MMM) by 0.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,614 shares of the conglomerate’s stock after selling 104 shares during the quarter. 3M comprises 1.3% of Farmers Trust Co.’s holdings, making the stock its 18th largest position. Farmers Trust Co.’s holdings in 3M were worth $6,919,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MMM. Tributary Capital Management LLC acquired a new stake in 3M during the 1st quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. grew 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 worth $26,000 after acquiring an additional 197 shares during the period. MFA Wealth Advisors LLC acquired a new stake in 3M during the second quarter worth about $28,000. Meeder Asset Management Inc. lifted its holdings in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in 3M in the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Down 0.5 %

Shares of MMM stock opened at $134.78 on Friday. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $140.72. The firm has a market capitalization of $74.58 billion, a P/E ratio of -10.60, a PEG ratio of 2.51 and a beta of 0.95. The stock’s fifty day moving average is $130.54 and its two-hundred day moving average is $110.26. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the company earned $2.17 EPS. Research analysts expect that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. 3M’s payout ratio is -22.01%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MMM shares. Wells Fargo & Company lifted their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Royal Bank of Canada upped their price objective 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. Barclays raised their target price on 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a research report on Wednesday. Morgan Stanley initiated coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $125.50.

Insider Activity at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’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 transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

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.