PNC Financial Services Group Inc. decreased its holdings in 3M Co (NYSE:MMM) by 1.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,880,735 shares of the conglomerate’s stock after selling 50,459 shares during the quarter. 3M accounts for approximately 0.6% of PNC Financial Services Group Inc.’s investment portfolio, making the stock its 29th biggest holding. PNC Financial Services Group Inc. owned 0.49% of 3M worth $606,997,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Price Capital Management Inc. bought a new position in shares of 3M during the 3rd quarter worth approximately $126,000. Psagot Investment House Ltd. bought a new position in shares of 3M during the 3rd quarter worth approximately $131,000. SRS Capital Advisors Inc. lifted its position in shares of 3M by 1,652.8% during the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after buying an additional 595 shares in the last quarter. Braun Bostich & Associates Inc. lifted its position in shares of 3M by 221.7% during the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after buying an additional 481 shares in the last quarter. Finally, Avestar Capital LLC lifted its position in shares of 3M by 161.2% during the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after buying an additional 432 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gregory R. Page purchased 1,000 shares of the firm’s stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $184.50 per share, with a total value of $184,500.00. Following the purchase, the director now owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. Company insiders own 0.58% of the company’s stock.
MMM has been the topic of several recent analyst reports. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Monday, September 3rd. Morgan Stanley initiated coverage on shares of 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 target price on the stock. UBS Group lifted their target price on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Barclays dropped their target price on shares of 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 24th. Finally, Gordon Haskett initiated coverage on shares of 3M in a research report on Friday, October 12th. They set a “buy” rating on the stock. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $225.16.
Shares of MMM stock opened at $204.56 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31. 3M Co has a 12-month low of $181.98 and a 12-month high of $259.77. The company has a market cap of $118.98 billion, a PE ratio of 22.31, a P/E/G ratio of 2.02 and a beta of 1.18.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The company had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.41 billion. During the same quarter in the previous year, the business earned $2.33 EPS. The company’s revenue for the quarter was down .2% on a year-over-year basis. Equities analysts forecast that 3M Co will post 9.95 earnings per share for the current fiscal year.
3M declared that its board has authorized a share repurchase plan on Tuesday, November 13th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the conglomerate to purchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be paid a dividend of $1.36 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $5.44 annualized dividend and a dividend yield of 2.66%. 3M’s payout ratio is currently 59.32%.
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3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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