WASHINGTON TRUST Co Has $573,000 Position in 3M (NYSE:MMM)

WASHINGTON TRUST Co cut its stake in 3M (NYSE:MMM) by 2.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,604 shares of the conglomerate’s stock after selling 159 shares during the quarter. WASHINGTON TRUST Co’s holdings in 3M were worth $573,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Tributary Capital Management LLC purchased a new stake in shares of 3M in the first quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. grew its holdings 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 worth $26,000 after purchasing an additional 197 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in 3M in the first quarter valued at $32,000. Livelsberger Financial Advisory bought a new stake in 3M in the fourth quarter valued at $35,000. Finally, Godsey & Gibb Inc. bought a new stake in 3M in the first quarter valued at $42,000. 65.25% of the stock is owned by institutional investors.

3M Price Performance

Shares of MMM traded up $1.71 during mid-day trading on Tuesday, hitting $125.07. 1,956,836 shares of the stock were exchanged, compared to its average volume of 5,377,151. The company has a market cap of $69.21 billion, a PE ratio of -9.70, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. 3M has a 52-week low of $71.12 and a 52-week high of $128.65. The firm has a 50-day moving average of $107.51 and a two-hundred day moving average of $100.31. 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 released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the prior year, the firm posted $2.17 EPS. On average, equities analysts predict that 3M will post 7.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the company from $92.00 to $140.00 in a report on Thursday, May 16th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Royal Bank of Canada boosted their target price on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Finally, Citigroup upped their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average price target of $123.57.

Insiders Place Their Bets

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

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.