3M Company (NYSE:MMM) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. reduced its stake in 3M Company by 2.2%, selling 31,005 shares and holding approximately 1,388,271 shares worth $203.88 million.
• 3M reported a quarterly EPS of $2.16, exceeding expectations of $2.01, and a revenue of $6.16 billion for the quarter, reflecting a 1.4% year-over-year increase.
• The company declared a quarterly dividend of $0.73 per share with a 2.0% dividend yield and a payout ratio of 40.61%.

PNC Financial Services Group Inc. decreased its stake in 3M Company (NYSE:MMM - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,388,271 shares of the conglomerate's stock after selling 31,005 shares during the period. PNC Financial Services Group Inc. owned 0.26% of 3M worth $203,882,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Ensign Peak Advisors Inc boosted its stake in 3M by 29.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after buying an additional 145,146 shares during the period. Financial Gravity Asset Management Inc. purchased a new position in 3M in the 1st quarter worth approximately $2,506,000. Synergy Asset Management LLC increased its holdings in 3M by 122.7% during the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after purchasing an additional 2,486 shares during the period. Northstar Group Inc. bought a new position in 3M in the first quarter worth about $262,000. Finally, Invesco Ltd. raised its holdings in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after purchasing an additional 1,520,619 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president owned 6,127 shares of the company's stock, valued at $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,151 shares of company stock valued at $2,854,437 over the last ninety days. Insiders own 0.48% of the company's stock.

3M Stock Up 0.6%

3M stock traded up $0.90 during mid-day trading on Wednesday, reaching $150.99. 2,636,176 shares of the company were exchanged, compared to its average volume of 3,895,208. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15. The business has a fifty day moving average of $149.79 and a 200 day moving average of $146.83. The firm has a market cap of $80.42 billion, a P/E ratio of 21.00, a PEG ratio of 2.86 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same period in the prior year, the company posted $1.93 EPS. The firm's quarterly revenue was up 1.4% compared to the same quarter last year. Research analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Analyst Upgrades and Downgrades

MMM has been the subject of several recent analyst reports. Citigroup lifted their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. Finally, JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, 3M has a consensus rating of "Hold" and an average target price of $158.10.

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.