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. trimmed its stake in shares of 3M Company (NYSE:MMM - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 about 0.26% of 3M worth $203,882,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ensign Peak Advisors Inc boosted its position in 3M by 29.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new position in 3M during the first quarter worth approximately $2,506,000. Synergy Asset Management LLC boosted its position in 3M by 122.7% during the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after purchasing an additional 2,486 shares in the last quarter. Northstar Group Inc. purchased a new position in 3M during the first quarter worth approximately $262,000. Finally, Invesco Ltd. boosted its position in 3M by 51.6% during 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 institutional investors and hedge funds.

3M Price Performance

NYSE:MMM opened at $144.38 on Friday. 3M Company has a one year low of $119.31 and a one year high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The stock has a market cap of $76.90 billion, a PE ratio of 20.08, a P/E/G ratio of 2.89 and a beta of 1.05. The stock has a 50 day moving average price of $149.78 and a 200 day moving average price of $146.65.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 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 firm had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter last year, the firm earned $1.93 earnings per share. The business's revenue for the quarter was up 1.4% on a year-over-year basis. Equities research analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.0%. 3M's dividend payout ratio is presently 40.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Citigroup increased 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. JPMorgan Chase & Co. set a $167.00 target price on 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. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $158.10.

Insider Activity at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm'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 sale, the executive vice president directly owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. 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.

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