Hancock Whitney Corp Reduces Stock Holdings in 3M (NYSE:MMM)

Hancock Whitney Corp reduced its position in 3M (NYSE:MMM) by 7.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,392 shares of the conglomerate’s stock after selling 1,359 shares during the quarter. Hancock Whitney Corp’s holdings in 3M were worth $1,777,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Tributary Capital Management LLC bought a new stake in 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. raised its position in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the period. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the 2nd quarter valued at approximately $28,000. Meeder Asset Management Inc. lifted its stake in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in 3M in the 1st quarter valued at approximately $32,000. 65.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Tuesday, July 30th. Wells Fargo & Company raised their target price on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Barclays raised their price objective on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $124.43.

3M Stock Performance

NYSE MMM opened at $134.77 on Friday. 3M has a 52-week low of $71.12 and a 52-week high of $135.32. The company has a fifty day moving average of $124.63 and a 200-day moving average of $107.91. The company has a market capitalization of $74.58 billion, a P/E ratio of -10.60, a P/E/G ratio of 2.41 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period last year, the business earned $2.17 earnings per share. As a group, equities research analysts predict that 3M will post 7.22 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

About 3M

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.