First Citizens Bank & Trust Co. Cuts Stake in 3M (NYSE:MMM)

First Citizens Bank & Trust Co. lowered its position in 3M (NYSE:MMM) by 15.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,410 shares of the conglomerate’s stock after selling 7,577 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in 3M were worth $5,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of MMM. FMR LLC boosted its stake in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. International Assets Investment Management LLC boosted its stake in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares during the period. Jennison Associates LLC purchased a new stake in shares of 3M during the third quarter valued at approximately $82,208,000. Parsifal Capital Management LP boosted its stake in shares of 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after purchasing an additional 526,194 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of 3M during the second quarter valued at approximately $34,389,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on MMM shares. Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Mizuho raised their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research note on Saturday, January 18th. Finally, Barclays raised their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Price Performance

Shares of NYSE:MMM opened at $149.61 on Friday. 3M has a 1-year low of $75.40 and a 1-year high of $152.08. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The business has a fifty day moving average price of $132.83 and a 200-day moving average price of $129.15. The company has a market capitalization of $81.47 billion, a PE ratio of 19.82, a PEG ratio of 2.46 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly 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 return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5,770,390 billion. During the same period last year, the company earned $2.42 earnings per share. The company’s revenue was down 25.0% on a year-over-year basis. As a group, equities analysts expect that 3M will post 7.66 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 1.87%. 3M’s payout ratio is 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.