Rockland Trust Co. Boosts Position in 3M Co (NYSE:MMM)

Rockland Trust Co. boosted its position in shares of 3M Co (NYSE:MMM) by 47.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,153 shares of the conglomerate’s stock after purchasing an additional 6,450 shares during the quarter. Rockland Trust Co.’s holdings in 3M were worth $3,128,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Kempen Capital Management N.V. acquired a new position in shares of 3M in the second quarter worth $25,000. Weaver Consulting Group acquired a new position in shares of 3M in the first quarter worth $32,000. Arcus Capital Partners LLC acquired a new position in shares of 3M in the second quarter worth $35,000. SRS Capital Advisors Inc. acquired a new position in shares of 3M in the second quarter worth $37,000. Finally, Meridian Wealth Management LLC acquired a new position in shares of 3M in the first quarter worth $38,000. Institutional investors own 66.77% of the company’s stock.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the sale, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.83% of the company’s stock.

Several equities analysts recently commented on the company. Morgan Stanley dropped their target price on 3M from $177.00 to $173.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Barclays dropped their target price on 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a research note on Thursday, October 3rd. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a research note on Monday, July 29th. Credit Suisse Group upped their target price on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Finally, UBS Group dropped their target price on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $182.15.

3M stock traded up $4.70 during trading on Friday, hitting $157.01. The company’s stock had a trading volume of 106,127 shares, compared to its average volume of 2,765,893. The stock’s fifty day moving average is $161.81 and its 200 day moving average is $175.86. 3M Co has a 1-year low of $150.58 and a 1-year high of $219.75. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. The stock has a market capitalization of $86.72 billion, a price-to-earnings ratio of 14.98, a P/E/G ratio of 1.70 and a beta of 1.11.

3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the previous year, the business earned $2.59 earnings per share. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. On average, research analysts anticipate that 3M Co will post 9.32 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Friday, August 16th were issued a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend was Thursday, August 15th. 3M’s dividend payout ratio is currently 55.07%.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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