Indiana Trust & Investment Management CO lessened its holdings in shares of 3M Co (NYSE:MMM) by 2.8% during the 3rd quarter, Holdings Channel.com reports. The fund owned 2,389 shares of the conglomerate’s stock after selling 69 shares during the period. Indiana Trust & Investment Management CO’s holdings in 3M were worth $393,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Destination Wealth Management raised its position in 3M by 3.3% during the 2nd quarter. Destination Wealth Management now owns 1,841 shares of the conglomerate’s stock valued at $319,000 after purchasing an additional 59 shares during the last quarter. Northwest Bancshares Inc. raised its position in shares of 3M by 4.4% in the 2nd quarter. Northwest Bancshares Inc. now owns 1,427 shares of the conglomerate’s stock worth $247,000 after acquiring an additional 60 shares in the last quarter. Newman Dignan & Sheerar Inc. raised its position in shares of 3M by 2.6% in the 2nd quarter. Newman Dignan & Sheerar Inc. now owns 2,408 shares of the conglomerate’s stock worth $417,000 after acquiring an additional 60 shares in the last quarter. Advisors Management Group Inc. ADV raised its position in shares of 3M by 2.4% in the 2nd quarter. Advisors Management Group Inc. ADV now owns 2,776 shares of the conglomerate’s stock worth $481,000 after acquiring an additional 65 shares in the last quarter. Finally, Notis McConarty Edward raised its position in shares of 3M by 0.3% in the 2nd quarter. Notis McConarty Edward now owns 25,814 shares of the conglomerate’s stock worth $4,474,000 after acquiring an additional 67 shares in the last quarter. 66.77% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 3M stock traded down $0.54 during midday trading on Friday, hitting $154.69. The company had a trading volume of 220,388 shares, compared to its average volume of 2,661,252. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. The stock has a market capitalization of $91.11 billion, a P/E ratio of 14.79, a P/E/G ratio of 1.79 and a beta of 1.11. The company has a 50 day moving average of $162.79 and a 200 day moving average of $177.75. 3M Co has a 52-week low of $150.81 and a 52-week high of $219.75.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 16th were paid a dividend of $1.44 per share. The ex-dividend date was Thursday, August 15th. This represents a $5.76 annualized dividend and a yield of 3.72%. 3M’s dividend payout ratio is 55.07%.
In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the sale, the insider now directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.83% of the company’s stock.
Several research firms recently weighed in on MMM. Royal Bank of Canada set a $179.00 price target on 3M and gave the stock a “hold” rating in a research note on Friday, July 26th. Barclays cut their price target on 3M from $162.00 to $158.00 and set an “underweight” rating on the stock in a research note on Thursday. UBS Group cut their price target on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 price target on the stock in a research note on Monday, July 29th. Finally, Morgan Stanley cut their price target on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $181.92.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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