NBT Bank N.A. Acquires 8,953 Shares of 3M Company $MMM

NBT Bank N.A. bought a new position in 3M Company (NYSE:MMM) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,953 shares of the conglomerate’s stock, valued at approximately $1,470,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Trust Co of the South boosted its position in 3M by 10.9% in the third quarter. Trust Co of the South now owns 2,036 shares of the conglomerate’s stock valued at $334,000 after buying an additional 200 shares in the last quarter. JSF Financial LLC bought a new stake in shares of 3M during the third quarter worth $224,000. Cardinal Capital Management increased its holdings in shares of 3M by 5.0% during the third quarter. Cardinal Capital Management now owns 57,024 shares of the conglomerate’s stock worth $9,360,000 after buying an additional 2,704 shares in the last quarter. Axxcess Wealth Management LLC increased its holdings in shares of 3M by 173.1% during the third quarter. Axxcess Wealth Management LLC now owns 11,138 shares of the conglomerate’s stock worth $1,828,000 after buying an additional 7,059 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its holdings in shares of 3M by 41.8% during the third quarter. Crossmark Global Holdings Inc. now owns 35,304 shares of the conglomerate’s stock worth $5,795,000 after buying an additional 10,404 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other 3M news, insider Karin Chavez sold 3,635 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $182.51, for a total transaction of $663,423.85. Following the completion of the transaction, the insider owned 14,035 shares in the company, valued at approximately $2,561,527.85. This trade represents a 20.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MMM. Wolfe Research reiterated an “outperform” rating on shares of 3M in a research note on Thursday, July 9th. Royal Bank Of Canada boosted their price objective on 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a research report on Wednesday. Wells Fargo & Company initiated coverage on 3M in a report on Thursday, September 24th. They issued an “equal weight” rating and a $195.00 target price for the company. The Goldman Sachs Group reiterated a “buy” rating on shares of 3M in a research report on Wednesday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of 3M in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $185.36.

3M Stock Performance

Shares of 3M stock opened at $173.62 on Friday. The stock has a market cap of $89.72 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 2.29 and a beta of 0.99. 3M Company has a twelve month low of $139.34 and a twelve month high of $184.90. The company’s fifty day moving average is $168.84 and its 200 day moving average is $162.21. The company has a quick ratio of 0.91, a current ratio of 1.41 and a debt-to-equity ratio of 3.01.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.12. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. 3M’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the company earned $2.19 EPS. Sell-side analysts forecast that 3M Company will post 9.14 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 24th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Monday, August 24th. 3M’s dividend payout ratio is currently 46.50%.

3M Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.