Exchange Bank Acquires 250 Shares of 3M (NYSE:MMM)

Exchange Bank grew its holdings in 3M (NYSE:MMM) by 7.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,410 shares of the conglomerate’s stock after purchasing an additional 250 shares during the period. Exchange Bank’s holdings in 3M were worth $440,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. American Century Companies Inc. boosted its holdings in shares of 3M by 0.8% during the 2nd quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate’s stock valued at $8,396,000 after acquiring an additional 650 shares during the last quarter. Intech Investment Management LLC boosted its holdings in 3M by 17.6% in the second quarter. Intech Investment Management LLC now owns 34,758 shares of the conglomerate’s stock worth $3,552,000 after purchasing an additional 5,205 shares during the last quarter. AE Wealth Management LLC raised its stake in 3M by 6.9% during the 2nd quarter. AE Wealth Management LLC now owns 24,322 shares of the conglomerate’s stock valued at $2,485,000 after buying an additional 1,565 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of 3M by 6.7% during the 2nd quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock valued at $16,874,000 after buying an additional 10,309 shares during the period. Finally, Ensign Peak Advisors Inc boosted its stake in shares of 3M by 169.2% in the 2nd quarter. Ensign Peak Advisors Inc now owns 335,895 shares of the conglomerate’s stock worth $34,325,000 after buying an additional 211,128 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Trading Up 1.3 %

Shares of MMM opened at $141.02 on Tuesday. 3M has a 1 year low of $75.40 and a 1 year high of $141.66. The company has a 50 day simple moving average of $131.40 and a two-hundred day simple moving average of $128.20. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a market cap of $76.80 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 2.30 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5,770,390 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.42 EPS. On average, equities analysts expect that 3M will post 7.28 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s payout ratio is 35.35%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Saturday. Royal Bank of Canada dropped their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a report on Friday, January 3rd. JPMorgan Chase & Co. reduced their target price on shares of 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Mizuho lifted their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $144.13.

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.