Ledyard National Bank Sells 210 Shares of 3M (NYSE:MMM)

Ledyard National Bank cut its stake in 3M (NYSE:MMM) by 2.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,206 shares of the conglomerate’s stock after selling 210 shares during the quarter. Ledyard National Bank’s holdings in 3M were worth $1,122,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Tributary Capital Management LLC purchased a new stake in 3M in the 1st quarter worth approximately $25,000. MFA Wealth Advisors LLC bought a new stake in 3M during the second quarter valued at $28,000. Daymark Wealth Partners LLC grew its position in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. increased its stake in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Down 0.2 %

Shares of NYSE:MMM opened at $134.83 on Tuesday. 3M has a 1 year low of $71.12 and a 1 year high of $140.72. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The stock’s 50-day moving average is $132.90 and its 200 day moving average is $113.18. The company has a market cap of $74.61 billion, a PE ratio of -10.60, a P/E/G ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter last year, the firm posted $2.17 earnings per share. Sell-side analysts anticipate that 3M will post 7.24 EPS for the current year.

3M Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MMM shares. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $150.00 in a research note 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, Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Two equities research 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’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $130.57.

Insiders Place Their Bets

In other 3M news, 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 transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s 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 owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 directly owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

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.