Keybank National Association OH Sells 9,267 Shares of 3M (NYSE:MMM)

Keybank National Association OH reduced its stake in 3M (NYSE:MMM) by 1.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 472,924 shares of the conglomerate’s stock after selling 9,267 shares during the period. Keybank National Association OH owned approximately 0.08% of 3M worth $93,937,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in 3M by 0.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 72,627 shares of the conglomerate’s stock valued at $14,426,000 after acquiring an additional 200 shares during the last quarter. Madison Wealth Management increased its holdings in shares of 3M by 0.9% in the 2nd quarter. Madison Wealth Management now owns 7,589 shares of the conglomerate’s stock worth $1,507,000 after buying an additional 66 shares during the last quarter. Hoylecohen LLC increased its holdings in shares of 3M by 0.5% in the 2nd quarter. Hoylecohen LLC now owns 12,406 shares of the conglomerate’s stock worth $2,464,000 after buying an additional 66 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of 3M by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 4,029,999 shares of the conglomerate’s stock worth $800,477,000 after buying an additional 225,797 shares during the last quarter. Finally, Natixis Advisors L.P. increased its holdings in shares of 3M by 10.0% in the 2nd quarter. Natixis Advisors L.P. now owns 112,858 shares of the conglomerate’s stock worth $22,417,000 after buying an additional 10,253 shares during the last quarter. Institutional investors own 66.82% of the company’s stock.

In other news, insider Jeffrey R. Lavers sold 6,025 shares of the stock in a transaction that occurred on Wednesday, August 11th. The stock was sold at an average price of $200.00, for a total transaction of $1,205,000.00. Following the completion of the transaction, the insider now directly owns 10,973 shares in the company, valued at approximately $2,194,600. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP John Patrick Banovetz sold 3,236 shares of the stock in a transaction that occurred on Tuesday, August 10th. The shares were sold at an average price of $197.93, for a total value of $640,501.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,666 shares of company stock valued at $4,103,569. Corporate insiders own 0.34% of the company’s stock.

A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $208.00 target price on the stock in a report on Friday, August 6th. Morgan Stanley upped their price target on shares of 3M from $200.00 to $213.00 and gave the company an “equal weight” rating in a report on Wednesday, July 28th. Wolfe Research downgraded shares of 3M from a “peer perform” rating to an “underperform” rating and cut their price target for the company from $218.00 to $215.00 in a report on Monday, July 12th. Argus upped their price target on shares of 3M from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. They noted that the move was a valuation call. Finally, Credit Suisse Group cut shares of 3M from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $210.00 to $212.00 in a research report on Tuesday, July 6th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, 3M currently has an average rating of “Hold” and an average target price of $196.85.

Shares of MMM stock traded down $0.61 during trading hours on Tuesday, hitting $181.18. 51,743 shares of the company were exchanged, compared to its average volume of 2,476,692. The firm has a market cap of $104.84 billion, a PE ratio of 17.93, a PEG ratio of 1.92 and a beta of 0.96. 3M has a 1 year low of $156.13 and a 1 year high of $208.95. The company has a quick ratio of 1.22, a current ratio of 1.73 and a debt-to-equity ratio of 1.12. The firm has a fifty day moving average of $193.26 and a 200 day moving average of $196.47.

3M (NYSE:MMM) last posted its earnings results on Monday, July 26th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.28 by $0.31. The firm had revenue of $8.90 billion during the quarter, compared to the consensus estimate of $8.59 billion. 3M had a net margin of 17.13% and a return on equity of 44.72%. The company’s revenue was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.78 EPS. Analysts expect that 3M will post 10.11 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Investors of record on Monday, August 23rd were given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend was Friday, August 20th. 3M’s dividend payout ratio (DPR) is presently 67.73%.

3M Company Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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

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