Fifth Third Bancorp Has $12.09 Million Stock Holdings in 3M (NYSE:MMM)

Fifth Third Bancorp increased its stake in shares of 3M (NYSE:MMM) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,305 shares of the conglomerate’s stock after purchasing an additional 718 shares during the quarter. Fifth Third Bancorp’s holdings in 3M were worth $12,087,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock worth $1,493,655,000 after acquiring an additional 280,048 shares during the last quarter. Northern Trust Corp grew its holdings in 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after acquiring an additional 755,155 shares during the last quarter. Capital World Investors grew its holdings in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in 3M by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after acquiring an additional 479,621 shares during the last quarter. Finally, Norges Bank bought a new stake in 3M during the 4th quarter worth approximately $636,767,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MMM shares. Citigroup upped their price objective on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Wednesday. Barclays upped their price objective on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. upped their price objective on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Finally, Royal Bank of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $155.83.

Insider Transactions at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 completion of the sale, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

3M Stock Down 1.8%

Shares of NYSE:MMM opened at $142.17 on Friday. The firm has a fifty day moving average price of $142.25 and a two-hundred day moving average price of $141.77. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a one year low of $98.26 and a one year high of $156.35. The company has a market cap of $76.51 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 3.30 and a beta of 1.03.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.05%. 3M’s dividend payout ratio is currently 36.87%.

About 3M

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.