Grove Bank & Trust Reduces Stake in 3M Co (MMM)

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Grove Bank & Trust cut its position in 3M Co (NYSE:MMM) by 6.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,191 shares of the conglomerate’s stock after selling 302 shares during the quarter. Grove Bank & Trust’s holdings in 3M were worth $825,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. grew its stake in 3M by 0.8% during the 1st quarter. BlackRock Inc. now owns 39,148,990 shares of the conglomerate’s stock worth $8,593,985,000 after purchasing an additional 320,406 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in 3M by 2.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 11,377,995 shares of the conglomerate’s stock worth $2,238,278,000 after purchasing an additional 257,182 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in 3M by 14.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 3,644,386 shares of the conglomerate’s stock worth $800,016,000 after purchasing an additional 473,250 shares in the last quarter. Fiera Capital Corp grew its stake in 3M by 5.1% during the 2nd quarter. Fiera Capital Corp now owns 2,131,551 shares of the conglomerate’s stock worth $419,319,000 after purchasing an additional 103,110 shares in the last quarter. Finally, Findlay Park Partners LLP grew its stake in 3M by 3.2% during the 1st quarter. Findlay Park Partners LLP now owns 2,105,000 shares of the conglomerate’s stock worth $462,090,000 after purchasing an additional 65,000 shares in the last quarter. 67.16% of the stock is owned by institutional investors and hedge funds.

In other news, insider Jon T. Lindekugel sold 6,410 shares of the business’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is currently owned by insiders.

3M stock opened at $204.77 on Monday. 3M Co has a fifty-two week low of $190.57 and a fifty-two week high of $259.77. The company has a quick ratio of 1.08, a current ratio of 1.56 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $118.47 billion, a PE ratio of 22.33, a PEG ratio of 1.91 and a beta of 1.17.

3M (NYSE:MMM) last posted its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.58 by $0.01. 3M had a return on equity of 51.31% and a net margin of 13.44%. The business had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.36 billion. During the same period in the previous year, the business earned $2.58 EPS. The business’s quarterly revenue was up 7.4% on a year-over-year basis. equities research analysts expect that 3M Co will post 10.37 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Stockholders of record on Friday, August 24th will be issued a $1.36 dividend. This represents a $5.44 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Thursday, August 23rd. 3M’s payout ratio is currently 59.32%.

Several research analysts recently commented on the company. ValuEngine cut 3M from a “hold” rating to a “sell” rating in a research note on Thursday, June 21st. Royal Bank of Canada raised 3M from a “sector perform” rating to an “outperform” rating and set a $238.00 price target for the company in a report on Thursday, May 3rd. They noted that the move was a valuation call. UBS Group decreased their price target on 3M from $250.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, April 26th. Deutsche Bank reaffirmed a “hold” rating and set a $208.00 price target on shares of 3M in a report on Thursday, July 12th. Finally, Stifel Nicolaus decreased their price target on 3M from $225.00 to $210.00 and set a “hold” rating for the company in a report on Wednesday, April 25th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. 3M has an average rating of “Hold” and a consensus price target of $234.03.

3M Company Profile

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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