3M (NYSE:MMM) Shares Sold by Hills Bank & Trust Co

Hills Bank & Trust Co decreased its stake in 3M (NYSE:MMM) by 14.6% during the 3rd quarter, Holdings Channel reports. The firm owned 2,304 shares of the conglomerate’s stock after selling 395 shares during the quarter. Hills Bank & Trust Co’s holdings in 3M were worth $315,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Summit Wealth Partners LLC boosted its holdings in 3M by 57.6% in the 3rd quarter. Summit Wealth Partners LLC now owns 3,115 shares of the conglomerate’s stock worth $426,000 after buying an additional 1,139 shares during the last quarter. LCM Capital Management Inc purchased a new position in shares of 3M in the third quarter valued at approximately $246,000. Palumbo Wealth Management LLC acquired a new stake in shares of 3M in the third quarter worth approximately $266,000. Catalyst Financial Partners LLC purchased a new stake in shares of 3M during the third quarter worth approximately $250,000. Finally, Financial Advocates Investment Management raised its stake in 3M by 33.6% in the 3rd quarter. Financial Advocates Investment Management now owns 5,645 shares of the conglomerate’s stock valued at $772,000 after purchasing an additional 1,421 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM opened at $127.22 on Friday. The firm has a 50-day simple moving average of $133.00 and a two-hundred day simple moving average of $115.14. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The stock has a market cap of $69.28 billion, a PE ratio of 16.06, a P/E/G ratio of 2.06 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the firm earned $2.68 earnings per share. The firm’s revenue was down 24.3% compared to the same quarter last year. As a group, analysts forecast that 3M will post 7.28 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently 35.35%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Wells Fargo & Company raised their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $139.27.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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.