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

Argent Trust Co lessened its holdings in 3M (NYSE:MMM) by 1.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,392 shares of the conglomerate’s stock after selling 715 shares during the period. Argent Trust Co’s holdings in 3M were worth $3,719,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MMM. Vanguard Group Inc. raised its position in 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after purchasing an additional 377,703 shares during the period. Bank of New York Mellon Corp grew its stake in shares of 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after buying an additional 533,520 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after buying an additional 2,010,319 shares during the period. Nordea Investment Management AB lifted its position in 3M by 8.2% during the 1st quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock worth $228,875,000 after acquiring an additional 164,236 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in 3M by 1.8% in the 1st quarter. ProShare Advisors LLC now owns 2,006,221 shares of the conglomerate’s stock worth $212,800,000 after acquiring an additional 36,310 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Down 0.8 %

Shares of 3M stock opened at $133.57 on Wednesday. 3M has a twelve month low of $71.12 and a twelve month high of $135.28. The stock has a market capitalization of $73.91 billion, a price-to-earnings ratio of -10.50, a PEG ratio of 2.41 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The business’s 50 day simple moving average is $122.77 and its 200-day simple moving average is $107.13.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. Equities research analysts forecast that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MMM shares. Royal Bank of Canada lifted their price objective on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Morgan Stanley began coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Finally, Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, 3M currently has a consensus rating of “Hold” and a consensus price target of $124.43.

Insider Transactions at 3M

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

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.