3M (NYSE:MMM) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its holdings in 3M (NYSE:MMM - Free Report) by 8.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 86,985 shares of the conglomerate's stock after selling 8,534 shares during the period. Fifth Third Bancorp's holdings in 3M were worth $9,226,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in MMM. Tributary Capital Management LLC acquired a new position in shares of 3M in the 1st quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. raised its position in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 197 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the 1st quarter valued at approximately $32,000. Briaud Financial Planning Inc acquired a new stake in shares of 3M during the 3rd quarter valued at approximately $35,000. Finally, Livelsberger Financial Advisory acquired a new stake in shares of 3M during the 4th quarter valued at approximately $35,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm's stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares of the company's stock, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MMM shares. Bank of America dropped their price target on 3M from $110.00 to $100.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 2nd. UBS Group upped their price target on 3M from $98.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday. Royal Bank of Canada upped their price target on 3M from $78.00 to $87.00 and gave the company an "underperform" rating in a research report on Wednesday. JPMorgan Chase & Co. raised 3M from a "neutral" rating to an "overweight" rating and upped their price target for the company from $110.00 to $111.00 in a research report on Wednesday. Finally, Barclays dropped their target price on 3M from $126.00 to $107.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $103.70.

3M Stock Performance

Shares of NYSE:MMM traded up $0.34 on Friday, hitting $97.15. The company's stock had a trading volume of 4,818,713 shares, compared to its average volume of 4,770,578. 3M has a 12 month low of $71.12 and a 12 month high of $99.70. The company has a market capitalization of $53.76 billion, a price-to-earnings ratio of -7.64, a price-to-earnings-growth ratio of 1.78 and a beta of 1.00. The stock's 50-day moving average is $96.14 and its two-hundred day moving average is $97.59. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.76 and a current ratio of 1.64.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion during the quarter, compared to analysts' expectations of $7.64 billion. During the same quarter in the prior year, the business posted $1.97 earnings per share. On average, equities research analysts forecast that 3M will post 7.26 EPS for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. This is a boost from 3M's previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.22%. 3M's dividend payout ratio is presently -47.48%.

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.

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