CNB Bank Has $403,000 Stock Holdings in 3M (NYSE:MMM)

CNB Bank decreased its holdings in shares of 3M (NYSE:MMM) by 7.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,950 shares of the conglomerate’s stock after selling 227 shares during the period. CNB Bank’s holdings in 3M were worth $403,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in MMM. Vanguard Group Inc. grew its position in shares of 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after buying an additional 377,703 shares during the period. Bank of New York Mellon Corp increased its stake in 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after purchasing an additional 97,340 shares during the period. AQR Capital Management LLC boosted its position in shares of 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in 3M by 8.2% in the 1st quarter. Nordea Investment Management AB now owns 2,168,811 shares of the conglomerate’s stock valued at $228,875,000 after buying an additional 164,236 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $135.14 on Friday. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The stock has a market capitalization of $74.78 billion, a price-to-earnings ratio of -10.62, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a 52-week low of $71.12 and a 52-week high of $140.72. The stock’s 50-day simple moving average is $132.67 and its 200 day simple moving average is $112.73.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the firm posted $2.17 earnings per share. Research analysts forecast that 3M will post 7.24 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.07%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Mizuho raised their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday. Royal Bank of Canada lifted their price target on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Morgan Stanley started coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $130.57.

3M Company Profile

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.