Fifth Third Bancorp Lowers Holdings in 3M (NYSE:MMM)

Fifth Third Bancorp cut its stake in 3M (NYSE:MMM) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 81,587 shares of the conglomerate’s stock after selling 1,482 shares during the period. Fifth Third Bancorp’s holdings in 3M were worth $10,532,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Public Sector Pension Investment Board increased its stake in 3M by 75.0% during the second quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock worth $2,185,000 after acquiring an additional 9,160 shares during the last quarter. AXA S.A. raised its holdings in 3M by 13.6% in the second quarter. AXA S.A. now owns 99,735 shares of the conglomerate’s stock valued at $10,192,000 after buying an additional 11,910 shares during the period. MBB Public Markets I LLC acquired a new position in 3M during the second quarter valued at approximately $4,119,000. The Manufacturers Life Insurance Company grew its stake in 3M by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 401,554 shares of the conglomerate’s stock worth $41,035,000 after buying an additional 11,368 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of 3M in the second quarter worth $34,389,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on MMM. Citigroup raised their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America lifted their price objective on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $140.00 to $170.00 in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

3M Trading Down 0.0 %

NYSE:MMM opened at $149.61 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a market cap of $81.47 billion, a PE ratio of 19.82, a P/E/G ratio of 2.46 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $152.08. The business’s 50 day moving average is $132.83 and its two-hundred day moving average is $129.15.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5,770,390 billion. During the same quarter in the previous year, the firm earned $2.42 earnings per share. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. On average, analysts predict that 3M will post 7.66 EPS for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 1.87%. 3M’s payout ratio is currently 37.09%.

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.