First Citizens Bank & Trust Co. Has $6.83 Million Stock Position in 3M (NYSE:MMM)

First Citizens Bank & Trust Co. trimmed its holdings in 3M (NYSE:MMM) by 6.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,987 shares of the conglomerate’s stock after selling 3,346 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in 3M were worth $6,833,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital World Investors bought a new stake in shares of 3M in the first quarter valued at about $165,986,000. National Bank of Canada FI raised its holdings in 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after acquiring an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares during the period. Electron Capital Partners LLC acquired a new stake in shares of 3M during the 2nd quarter worth approximately $76,732,000. Finally, Bank of New York Mellon Corp increased its position in shares of 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s 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 owns 174,036 shares in the company, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Argus upgraded shares of 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 upped their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada raised their price target on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Finally, Barclays upped their price objective on 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $130.57.

3M Stock Down 0.4 %

Shares of NYSE MMM opened at $135.14 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The company has a market cap of $74.78 billion, a price-to-earnings ratio of -10.62, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a 12-month low of $71.12 and a 12-month high of $140.72. The firm’s 50-day simple moving average is $132.67 and its 200 day simple moving average is $112.59.

3M (NYSE:MMM) last announced its 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 for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the business earned $2.17 earnings per share. On average, research analysts expect that 3M will post 7.24 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.07%. 3M’s payout ratio is -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.