Camden National Bank Has $356,000 Stock Holdings in 3M Co (NYSE:MMM)

Camden National Bank lessened its holdings in 3M Co (NYSE:MMM) by 9.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,164 shares of the conglomerate’s stock after selling 233 shares during the period. Camden National Bank’s holdings in 3M were worth $356,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of MMM. Kempen Capital Management N.V. bought a new stake in 3M during the second quarter worth about $25,000. Weaver Consulting Group bought a new stake in 3M during the first quarter worth about $32,000. Arcus Capital Partners LLC bought a new stake in 3M during the second quarter worth about $35,000. SRS Capital Advisors Inc. bought a new stake in shares of 3M during the second quarter valued at approximately $37,000. Finally, Meridian Wealth Management LLC bought a new stake in shares of 3M during the first quarter valued at approximately $38,000. 66.77% of the stock is owned by hedge funds and other institutional investors.

In related news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now directly owns 5,974 shares in the company, valued at $1,017,969.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.83% of the company’s stock.



Several research firms have recently commented on MMM. Zacks Investment Research raised shares of 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. Credit Suisse Group increased their price target on shares of 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. JPMorgan Chase & Co. increased their price target on shares of 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research note on Thursday. Bank of America decreased their price target on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Finally, Morgan Stanley decreased their price target on shares of 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 research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and an average target price of $182.15.

NYSE MMM traded up $5.79 during trading hours on Friday, hitting $158.10. The company’s stock had a trading volume of 4,670,205 shares, compared to its average volume of 2,765,893. The stock has a fifty day moving average of $161.81 and a 200 day moving average of $175.86. 3M Co has a twelve month low of $150.58 and a twelve month high of $219.75. The firm has a market capitalization of $86.72 billion, a P/E ratio of 15.11, a PEG ratio of 1.70 and a beta of 1.11. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53.

3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the business posted $2.59 earnings per share. 3M’s revenue was down 2.6% compared to the same quarter last year. On average, analysts predict that 3M Co will post 9.32 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 16th were issued a $1.44 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $5.76 annualized dividend and a yield of 3.64%. 3M’s dividend payout ratio is currently 55.07%.

About 3M

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

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