Bangor Savings Bank Acquires 430 Shares of 3M (NYSE:MMM)

Bangor Savings Bank increased its holdings in shares of 3M (NYSE:MMM) by 4.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,063 shares of the conglomerate’s stock after purchasing an additional 430 shares during the quarter. Bangor Savings Bank’s holdings in 3M were worth $1,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Freedom LLC bought a new position in shares of 3M during the fourth quarter valued at $25,000. Financial Management Professionals Inc. increased its position in 3M by 1,538.9% during the first quarter. Financial Management Professionals Inc. now owns 295 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 277 shares during the last quarter. Artemis Wealth Advisors LLC increased its position in 3M by 1,361.9% during the first quarter. Artemis Wealth Advisors LLC now owns 307 shares of the conglomerate’s stock valued at $32,000 after acquiring an additional 286 shares during the last quarter. 25 LLC purchased a new stake in 3M during the first quarter valued at $33,000. Finally, Retirement Group LLC increased its position in 3M by 267.0% in the first quarter. Retirement Group LLC now owns 367 shares of the conglomerate’s stock worth $39,000 after buying an additional 267 shares in the last quarter. 65.24% of the stock is owned by institutional investors.

3M Price Performance

3M stock traded down $0.15 during midday trading on Friday, reaching $102.17. 1,171,032 shares of the stock traded hands, compared to its average volume of 3,592,522. The stock’s fifty day moving average is $104.19 and its 200-day moving average is $103.05. 3M has a 12 month low of $92.38 and a 12 month high of $133.91. The stock has a market cap of $56.40 billion, a P/E ratio of -36.04, a PEG ratio of 1.57 and a beta of 0.96. The company has a quick ratio of 0.96, a current ratio of 1.44 and a debt-to-equity ratio of 1.65.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.17 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.44. 3M had a positive return on equity of 38.99% and a negative net margin of 4.43%. The company had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.88 billion. During the same period in the prior year, the company earned $2.48 earnings per share. The firm’s revenue was down 8.1% on a year-over-year basis. As a group, equities research analysts anticipate that 3M will post 8.95 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Monday, August 21st were paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 5.87%. The ex-dividend date was Friday, August 18th. 3M’s payout ratio is -211.27%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Royal Bank of Canada upped their price target on 3M from $95.00 to $100.00 in a research report on Wednesday, July 26th. Citigroup upped their price target on 3M from $100.00 to $111.00 in a research report on Wednesday, July 26th. Barclays upped their price target on 3M from $93.00 to $96.00 in a research report on Wednesday, July 26th. Wells Fargo & Company reduced their price target on 3M from $110.00 to $100.00 in a research report on Monday, July 10th. Finally, UBS Group upped their price target on 3M from $95.00 to $115.00 in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $113.08.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.