Legacy Private Trust Co. Sells 320 Shares of 3M (NYSE:MMM)

Legacy Private Trust Co. reduced its holdings in 3M (NYSE:MMM) by 9.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,045 shares of the conglomerate’s stock after selling 320 shares during the quarter. Legacy Private Trust Co.’s holdings in 3M were worth $416,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ausdal Financial Partners Inc. lifted its position in 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after purchasing an additional 249 shares during the last quarter. Candriam S.C.A. lifted its holdings in shares of 3M by 19.2% during the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after acquiring an additional 6,185 shares during the last quarter. True Vision MN LLC purchased a new position in 3M in the second quarter worth $512,000. Clifford Capital Partners LLC increased its stake in 3M by 21.3% in the second quarter. Clifford Capital Partners LLC now owns 171,152 shares of the conglomerate’s stock valued at $17,490,000 after acquiring an additional 30,009 shares during the last quarter. Finally, Albar Capital Ltd bought a new stake in 3M during the second quarter worth about $7,319,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

MMM has been the topic of several recent research reports. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Barclays upped their price objective on shares of 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Finally, Citigroup lifted their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. 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 company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $127.64.

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 shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, 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 legal filing with the SEC, which is available at this link. In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The shares were 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 approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The trade was 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

NYSE:MMM opened at $134.69 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a twelve month low of $71.12 and a twelve month high of $140.72. The stock has a market cap of $74.53 billion, a P/E ratio of -10.59, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95. The firm’s fifty day simple moving average is $130.89 and its 200 day simple moving average is $110.71.

3M (NYSE:MMM) last released 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. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the prior year, the firm earned $2.17 earnings per share. As a group, research analysts predict that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

3M 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.