Legacy Private Trust Co. Decreases Stock Position in 3M (NYSE:MMM)

Legacy Private Trust Co. trimmed its holdings in shares of 3M (NYSE:MMM) by 9.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,045 shares of the conglomerate’s stock after selling 320 shares during the period. Legacy Private Trust Co.’s holdings in 3M were worth $416,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MMM. Capital World Investors purchased a new stake in shares of 3M during the 1st quarter valued at about $165,986,000. National Bank of Canada FI grew its stake in shares of 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after acquiring an additional 1,021,440 shares during the period. Janus Henderson Group PLC grew its stake in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares during the period. Electron Capital Partners LLC purchased a new stake in 3M during the 2nd quarter valued at $76,732,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after buying an additional 533,520 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on MMM. Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Barclays upped their target price on shares of 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Bank of America increased their price target on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $127.64.

3M Stock Performance

Shares of NYSE MMM opened at $134.69 on Wednesday. The firm has a fifty day moving average price of $130.89 and a 200-day moving average price of $110.71. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The stock has a market cap of $74.53 billion, a PE ratio of -10.59, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95. 3M has a 1 year low of $71.12 and a 1 year high of $140.72.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share 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 period last year, the company posted $2.17 earnings per share. Equities analysts anticipate that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % 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 link. Also, Chairman Michael F. Roman sold 5,675 shares of 3M 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 transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate 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.