M&T Bank Corp Reduces Stake in 3M Company (NYSE:MMM)

M&T Bank Corp reduced its position in shares of 3M Company (NYSE:MMM - Free Report) by 1.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 269,406 shares of the conglomerate's stock after selling 3,789 shares during the period. M&T Bank Corp owned approximately 0.05% of 3M worth $39,565,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MMM. LaSalle St. Investment Advisors LLC increased its stake in 3M by 2.5% in the fourth quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock worth $381,000 after purchasing an additional 71 shares during the period. TCV Trust & Wealth Management Inc. increased its stake in 3M by 1.1% in the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock worth $954,000 after purchasing an additional 73 shares during the period. NBT Bank N A NY increased its stake in 3M by 0.8% in the first quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after purchasing an additional 79 shares during the period. Cherry Creek Investment Advisors Inc. increased its stake in 3M by 0.8% in the first quarter. Cherry Creek Investment Advisors Inc. now owns 10,775 shares of the conglomerate's stock worth $1,582,000 after purchasing an additional 83 shares during the period. Finally, Sapient Capital LLC grew its position in shares of 3M by 1.1% during the 1st quarter. Sapient Capital LLC now owns 7,792 shares of the conglomerate's stock worth $1,144,000 after buying an additional 84 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MMM has been the topic of a number of recent research reports. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Friday, June 27th. 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. Wells Fargo & Company increased their price target on 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. JPMorgan Chase & Co. increased their price target on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, Royal Bank Of Canada increased their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $156.33.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction dated 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 transaction, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president owned 6,127 shares in the company, 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. Corporate insiders own 0.34% of the company's stock.

3M Stock Down 1.0%

3M stock traded down $1.59 during trading hours on Friday, reaching $155.73. The stock had a trading volume of 2,401,071 shares, compared to its average volume of 3,801,196. The company has a market cap of $83.81 billion, a price-to-earnings ratio of 19.66, a PEG ratio of 3.07 and a beta of 1.02. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. The business's 50 day moving average price is $148.22 and its 200-day moving average price is $144.49. 3M Company has a 52 week low of $100.87 and a 52 week high of $159.47.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Sell-side analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.88%. 3M's dividend payout ratio (DPR) is currently 36.87%.

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.