PNC Financial Services Group Inc. Sells 24,620 Shares of 3M (NYSE:MMM)

PNC Financial Services Group Inc. reduced its position in shares of 3M (NYSE:MMM) by 1.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,419,276 shares of the conglomerate’s stock after selling 24,620 shares during the quarter. PNC Financial Services Group Inc. owned about 0.26% of 3M worth $183,214,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of MMM. Principal Financial Group Inc. grew its holdings in 3M by 15.3% during the 3rd quarter. Principal Financial Group Inc. now owns 737,075 shares of the conglomerate’s stock worth $100,758,000 after acquiring an additional 97,741 shares in the last quarter. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in shares of 3M in the 3rd quarter worth approximately $205,000. CWA Asset Management Group LLC bought a new position in shares of 3M during the third quarter valued at approximately $3,915,000. Assetmark Inc. increased its holdings in 3M by 51.0% during the third quarter. Assetmark Inc. now owns 651 shares of the conglomerate’s stock valued at $89,000 after buying an additional 220 shares during the period. Finally, Kerusso Capital Management LLC raised its stake in 3M by 6.4% in the third quarter. Kerusso Capital Management LLC now owns 22,961 shares of the conglomerate’s stock worth $3,139,000 after buying an additional 1,387 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and increased their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Barclays lifted their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

3M Stock Down 0.4 %

3M stock opened at $146.36 on Friday. The business’s 50-day simple moving average is $144.51 and its two-hundred day simple moving average is $136.23. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market cap of $79.46 billion, a PE ratio of 19.38, a PEG ratio of 3.30 and a beta of 0.97. 3M has a fifty-two week low of $78.14 and a fifty-two week high of $156.35.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the company earned $2.42 EPS. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. Equities analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.00%. 3M’s payout ratio is currently 38.68%.

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.