3M (NYSE:MMM) Stock Position Lowered by M&T Bank Corp

M&T Bank Corp lowered its position in shares of 3M (NYSE:MMM) by 3.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 278,032 shares of the conglomerate’s stock after selling 10,684 shares during the quarter. M&T Bank Corp owned 0.05% of 3M worth $38,007,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. FSA Wealth Management LLC bought a new position in shares of 3M during the 3rd quarter valued at about $27,000. McClarren Financial Advisors Inc. boosted its holdings in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares in the last quarter. Meeder Asset Management Inc. grew its position in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after buying an additional 296 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the 3rd quarter valued at $57,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 1.7 %

Shares of 3M stock opened at $129.28 on Friday. The stock has a 50-day simple moving average of $130.65 and a 200-day simple moving average of $123.19. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The firm has a market cap of $70.40 billion, a price-to-earnings ratio of 16.32, a P/E/G ratio of 2.15 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.68 earnings per share. On average, equities research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.17%. 3M’s dividend payout ratio is currently 35.35%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Barclays lifted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Morgan Stanley started coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Finally, Mizuho upped their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and an average price target of $144.87.

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.