Quintet Private Bank Europe S.A. Lowers Stake in 3M (NYSE:MMM)

Quintet Private Bank Europe S.A. lessened its holdings in 3M (NYSE:MMM) by 19.1% during the third quarter, Holdings Channel.com reports. The firm owned 18,046 shares of the conglomerate’s stock after selling 4,273 shares during the quarter. Quintet Private Bank Europe S.A.’s holdings in 3M were worth $2,467,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MMM. MFA Wealth Advisors LLC purchased a new position in shares of 3M in the 2nd quarter worth about $28,000. Daymark Wealth Partners LLC raised its holdings in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. lifted its stake in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC bought a new stake in shares of 3M during the second quarter valued at approximately $33,000. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Stock Performance

NYSE:MMM traded up $0.38 during mid-day trading on Monday, hitting $127.60. The company’s stock had a trading volume of 625,098 shares, compared to its average volume of 4,893,422. The stock has a market cap of $69.49 billion, a price-to-earnings ratio of 16.11, a PEG ratio of 2.07 and a beta of 0.95. The business’s fifty day moving average is $133.00 and its two-hundred day moving average is $115.48. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 1 year low of $75.40 and a 1 year high of $141.34.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the business earned $2.68 earnings per share. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. Analysts anticipate that 3M will post 7.28 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Barclays lifted their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada upped their price target on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, 3M presently has a consensus rating of “Hold” and an average target price of $139.27.

3M Company 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.