M&T Bank Corp Decreases Stock Position in 3M Company (NYSE:MMM)

M&T Bank Corp cut its stake in shares of 3M Company (NYSE:MMM - Free Report) by 1.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 269,406 shares of the conglomerate's stock after selling 3,789 shares during the period. M&T Bank Corp owned about 0.05% of 3M worth $39,565,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in MMM. Proficio Capital Partners LLC acquired a new position in 3M during the fourth quarter worth $26,000. REAP Financial Group LLC raised its position in 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new position in 3M during the fourth quarter worth $27,000. Pinney & Scofield Inc. acquired a new position in 3M during the fourth quarter worth $28,000. Finally, Curat Global LLC acquired a new position in 3M during the first quarter worth $29,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Wells Fargo & Company increased their price objective on shares of 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Citigroup raised their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Royal Bank Of Canada upped their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Friday, June 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $155.83.

Insider Transactions at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the business'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 sale, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Trading Up 1.2%

3M stock traded up $1.86 during midday trading on Tuesday, hitting $153.70. 3,252,151 shares of the stock were exchanged, compared to its average volume of 3,805,764. 3M Company has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The stock has a market capitalization of $82.72 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 2.99 and a beta of 1.02. The stock's 50-day simple moving average is $146.91 and its 200 day simple moving average is $143.97. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72.

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

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. 3M's dividend payout ratio is presently 36.87%.

3M Profile

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.