Northern Trust Corp Has $993.65 Million Position in 3M Company $MMM

Key Points

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Northern Trust Corp raised its stake in shares of 3M Company (NYSE:MMM - Free Report) by 0.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,765,948 shares of the conglomerate's stock after buying an additional 13,004 shares during the period. Northern Trust Corp owned about 1.26% of 3M worth $993,647,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MMM. TCV Trust & Wealth Management Inc. boosted its holdings 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 in the last quarter. Cahaba Wealth Management Inc. boosted its holdings in 3M by 1.4% in the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after purchasing an additional 75 shares in the last quarter. Altman Advisors Inc. boosted its holdings in 3M by 0.5% in the first quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock worth $2,318,000 after purchasing an additional 76 shares in the last quarter. NBT Bank N A NY boosted its position in 3M by 0.8% during 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. Finally, Rehmann Capital Advisory Group grew its holdings in 3M by 2.6% during the first quarter. Rehmann Capital Advisory Group now owns 3,272 shares of the conglomerate's stock valued at $481,000 after purchasing an additional 82 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's 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 transaction, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,817,401 shares of company stock worth $648,960,803. Corporate insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MMM shares. Royal Bank Of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research report on Friday, July 18th. Citigroup lifted their price objective on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Finally, Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $158.10.

3M Trading Up 0.3%

Shares of MMM opened at $152.86 on Tuesday. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The stock has a market cap of $81.42 billion, a PE ratio of 21.26, a PEG ratio of 2.95 and a beta of 1.05. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The stock has a 50 day simple moving average of $151.14 and a 200-day simple moving average of $147.12.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $6.09 billion. During the same period last year, the business earned $1.93 earnings per share. The business's revenue was up 1.4% on a year-over-year basis. On average, sell-side analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. 3M's payout ratio is 40.61%.

3M Company 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.

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