CNB Bank Reduces Stock Holdings in 3M (NYSE:MMM)

by · The Markets Daily

CNB Bank lowered its position in shares of 3M (NYSE:MMM – Free Report) by 6.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,774 shares of the conglomerate’s stock after selling 176 shares during the period. CNB Bank’s holdings in 3M were worth $358,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of 3M by 1.1% during the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after buying an additional 302,900 shares in the last quarter. FMR LLC raised its position in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after purchasing an additional 97,340 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in 3M by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after purchasing an additional 43,942 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after acquiring an additional 396,773 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $139.95 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The company’s fifty day moving average is $130.99 and its 200-day moving average is $127.20. The firm has a market cap of $76.21 billion, a price-to-earnings ratio of 17.69, a price-to-earnings-growth ratio of 2.01 and a beta of 0.95.

3M (NYSE:MMM – Get Free Report) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the business posted $2.68 earnings per share. The business’s quarterly revenue was down 24.3% on a year-over-year basis. Equities analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.00%. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MMM shares. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. decreased their price objective on 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Wednesday. Wells Fargo & Company raised their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Barclays reduced their price objective on shares of 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $144.13.

Get Our Latest Stock Analysis on MMM

About 3M

(Free Report)

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.

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