3M (NYSE:MMM) Shares Sold by Peoples Financial Services CORP.

Peoples Financial Services CORP. cut its stake in shares of 3M (NYSE:MMM) by 0.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,991 shares of the conglomerate’s stock after selling 105 shares during the quarter. Peoples Financial Services CORP.’s holdings in 3M were worth $1,200,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Financial Freedom LLC acquired a new stake in 3M in the 4th quarter valued at about $25,000. Financial Management Professionals Inc. grew its stake in 3M by 1,538.9% in the 1st 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. Aspire Private Capital LLC acquired a new stake in 3M in the 1st quarter valued at about $31,676,265,000. Artemis Wealth Advisors LLC grew its stake in 3M by 1,361.9% in the 1st 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. Finally, 25 LLC acquired a new stake in 3M in the 1st quarter valued at about $33,000. 65.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of research reports. Morgan Stanley raised shares of 3M from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $102.00 to $113.00 in a research note on Thursday, August 31st. HSBC began coverage on shares of 3M in a research note on Friday. They set a “hold” rating and a $109.00 price target on the stock. Bank of America raised shares of 3M from an “underperform” rating to a “neutral” rating and set a $110.00 price target on the stock in a research note on Tuesday, July 11th. UBS Group raised their price target on shares of 3M from $95.00 to $115.00 in a research note on Tuesday, July 25th. Finally, VNET Group reaffirmed a “maintains” rating on shares of 3M in a research note on Tuesday, June 27th. One analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $113.08.

3M Trading Down 1.2 %

Shares of MMM stock traded down $1.26 during trading hours on Friday, hitting $101.06. 6,002,352 shares of the company were exchanged, compared to its average volume of 3,610,548. The firm has a market cap of $55.78 billion, a PE ratio of -35.58, a PEG ratio of 1.59 and a beta of 0.96. 3M has a 1 year low of $92.38 and a 1 year high of $133.91. The company has a quick ratio of 0.96, a current ratio of 1.44 and a debt-to-equity ratio of 1.65. The firm has a fifty day moving average of $104.39 and a 200 day moving average of $102.97.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.44. The company had revenue of $7.99 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 8.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.48 earnings per share. Analysts expect that 3M will post 8.95 earnings per share for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Monday, August 21st were paid a dividend of $1.50 per share. The ex-dividend date 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%.

About 3M

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.