3M (NYSE:MMM) Shares Sold by Farmers Trust Co.

Farmers Trust Co. lessened its stake in shares of 3M (NYSE:MMM) by 5.2% during the first quarter, Holdings Channel.com reports. The fund owned 47,682 shares of the conglomerate’s stock after selling 2,612 shares during the period. 3M accounts for about 1.3% of Farmers Trust Co.’s holdings, making the stock its 19th biggest holding. Farmers Trust Co.’s holdings in 3M were worth $7,003,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Geode Capital Management LLC increased its stake in shares of 3M by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock valued at $1,493,655,000 after acquiring an additional 280,048 shares during the period. Northern Trust Corp increased its stake in shares of 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after acquiring an additional 755,155 shares during the period. Capital World Investors increased its stake in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after acquiring an additional 1,248,093 shares during the period. Bank of New York Mellon Corp boosted its holdings in 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after buying an additional 479,621 shares in the last quarter. Finally, Norges Bank bought a new stake in 3M during the fourth quarter worth approximately $636,767,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup reduced their target price on shares of 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday, May 24th. Bank of America raised their target price on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Barclays raised their target price on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Finally, Royal Bank of Canada raised their target price on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $152.08.

3M Trading Up 0.7%

Shares of NYSE:MMM opened at $149.68 on Friday. The firm has a fifty day moving average of $141.44 and a two-hundred day moving average of $140.56. The firm has a market capitalization of $80.55 billion, a P/E ratio of 19.83, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. 3M has a 12-month low of $96.89 and a 12-month high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, equities analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. 3M’s dividend payout ratio (DPR) is currently 36.87%.

Insider Buying and Selling at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company’s 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.