Legacy Private Trust Co. Lowers Stock Holdings in 3M (NYSE:MMM)

Legacy Private Trust Co. decreased its position in shares of 3M (NYSE:MMM) by 8.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,755 shares of the conglomerate’s stock after selling 450 shares during the period. Legacy Private Trust Co.’s holdings in 3M were worth $476,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of 3M by 9.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 13,132,871 shares of the conglomerate’s stock worth $1,567,502,000 after acquiring an additional 1,116,821 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of 3M by 5.7% in the 1st quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock worth $1,203,635,000 after acquiring an additional 619,370 shares during the last quarter. Morgan Stanley lifted its stake in shares of 3M by 8.3% in the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after acquiring an additional 825,223 shares during the last quarter. Flossbach Von Storch AG lifted its stake in shares of 3M by 5.3% in the 1st quarter. Flossbach Von Storch AG now owns 9,344,091 shares of the conglomerate’s stock valued at $982,157,000 after acquiring an additional 466,291 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of 3M by 0.6% in the 1st quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock valued at $1,103,670,000 after acquiring an additional 44,714 shares during the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. UBS Group boosted their target price on 3M from $95.00 to $115.00 in a research note on Tuesday, July 25th. Royal Bank of Canada upped their price target on shares of 3M from $95.00 to $100.00 in a report on Wednesday, July 26th. Wolfe Research upgraded shares of 3M from an “underperform” rating to a “peer perform” rating in a report on Tuesday, August 29th. Bank of America raised 3M from an “underperform” rating to a “neutral” rating and set a $110.00 price target for the company in a research report on Tuesday, July 11th. Finally, StockNews.com started coverage on 3M in a research report on Thursday, August 17th. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and an average price target of $113.08.

3M Price Performance

Shares of MMM stock opened at $101.06 on Friday. The stock has a market cap of $55.78 billion, a price-to-earnings ratio of -35.58, a PEG ratio of 1.59 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 has a twelve month low of $92.38 and a twelve month high of $133.91. The business’s fifty day moving average is $104.31 and its 200 day moving average is $103.05.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.44. The business had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.88 billion. 3M had a negative net margin of 4.43% and a positive return on equity of 38.99%. The business’s revenue was down 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.48 earnings per share. Research analysts expect that 3M will post 8.95 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Monday, August 21st were paid a $1.50 dividend. The ex-dividend date of this dividend was Friday, August 18th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 5.94%. 3M’s dividend payout ratio is currently -211.27%.

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.