Norway Savings Bank Sells 1,363 Shares of 3M (NYSE:MMM)

Norway Savings Bank lessened its holdings in 3M (NYSE:MMM) by 35.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,485 shares of the conglomerate’s stock after selling 1,363 shares during the period. Norway Savings Bank’s holdings in 3M were worth $249,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of MMM. Charles Schwab Investment Management Inc. increased its position in 3M by 9.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,132,871 shares of the conglomerate’s stock valued at $1,567,502,000 after acquiring an additional 1,116,821 shares during the last quarter. Geode Capital Management LLC increased its position in 3M by 5.7% during the first quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock valued at $1,203,635,000 after acquiring an additional 619,370 shares during the last quarter. Morgan Stanley increased its position in 3M by 8.3% during the fourth 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 increased its position in 3M by 5.3% during the first 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 increased its position in 3M by 0.6% during the first 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. Institutional investors own 65.24% of the company’s stock.

3M Stock Down 1.2 %

3M stock traded down $1.26 during trading hours on Friday, reaching $101.06. The stock had a trading volume of 6,002,352 shares, compared to its average volume of 3,610,548. The company 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 debt-to-equity ratio of 1.65, a current ratio of 1.44 and a quick ratio of 0.96. The business’s 50 day moving average price is $104.39 and its 200-day moving average price is $102.97. 3M has a 52 week low of $92.38 and a 52 week high of $133.91.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.44. The business had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.88 billion. 3M had a negative net margin of 4.43% and a positive return on equity of 38.99%. The firm’s revenue was down 8.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.48 earnings per share. Sell-side 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 issued a dividend of $1.50 per share. The ex-dividend date was Friday, August 18th. This represents a $6.00 annualized dividend and a dividend yield of 5.94%. 3M’s dividend payout ratio (DPR) is currently -211.27%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Citigroup boosted their price objective on shares of 3M from $100.00 to $111.00 in a research report on Wednesday, July 26th. UBS Group boosted their target price on shares of 3M from $95.00 to $115.00 in a research note on Tuesday, July 25th. StockNews.com began coverage on shares of 3M in a research note on Thursday, August 17th. They set a “hold” rating for the company. Bank of America raised shares of 3M from an “underperform” rating to a “neutral” rating and set a $110.00 target price for the company in a research note on Tuesday, July 11th. Finally, VNET Group reissued a “maintains” rating on shares of 3M in a research note on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average 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.