Private Bank & Trust Co. Has $1.93 Million Position in 3M Company (NYSE:MMM)

Private Bank & Trust Co. boosted its stake in 3M Company (NYSE:MMM) by 14.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,275 shares of the conglomerate’s stock after buying an additional 1,149 shares during the period. Private Bank & Trust Co.’s holdings in 3M were worth $1,931,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. American Century Companies Inc. boosted its position in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the period. Karp Capital Management Corp boosted its position in 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares during the period. Swiss National Bank boosted its position in 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after buying an additional 447,900 shares during the period. Bank of New York Mellon Corp raised its position in shares of 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the period. Finally, State of Tennessee Treasury Department raised its position in shares of 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after buying an additional 220,741 shares during the period. 65.71% of the stock is currently owned by institutional investors.

Shares of 3M Company (NYSE:MMM) traded down 0.89% during mid-day trading on Friday, reaching $203.53. The company’s stock had a trading volume of 1,838,640 shares. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The company’s 50-day moving average price is $207.30 and its 200-day moving average price is $197.49. The stock has a market capitalization of $121.46 billion, a P/E ratio of 23.22 and a beta of 1.08.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the business earned $2.08 earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, equities research analysts forecast that 3M Company will post $8.94 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th will be paid a $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Wednesday, August 23rd. 3M’s dividend payout ratio is presently 53.59%.

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A number of brokerages recently issued reports on MMM. Jefferies Group LLC reiterated a “buy” rating and issued a $234.00 price objective on shares of 3M in a report on Wednesday. Stifel Nicolaus restated a “hold” rating and set a $210.00 price target on shares of 3M in a report on Friday, July 28th. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Citigroup Inc. reduced their price objective on shares of 3M from $230.00 to $228.00 and set a “buy” rating for the company in a research report on Wednesday, July 26th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $190.00 price target (down previously from $191.00) on shares of 3M in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $203.40.

In other news, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the sale, the insider now owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now directly owns 3,066 shares in the company, valued at approximately $633,619.56. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock worth $1,878,890 in the last quarter. Insiders own 0.58% of the company’s stock.

3M Company Profile

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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