Stock Yards Bank & Trust Co. Sells 4,369 Shares of 3M (NYSE:MMM)

Stock Yards Bank & Trust Co. reduced its holdings in shares of 3M (NYSE:MMM) by 13.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 28,321 shares of the conglomerate’s stock after selling 4,369 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in 3M were worth $2,894,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MMM. Balyasny Asset Management L.P. lifted its position in shares of 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after buying an additional 2,010,319 shares during the last quarter. Capital World Investors acquired a new position in 3M in the 1st quarter worth about $165,986,000. National Bank of Canada FI increased its holdings in 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after purchasing an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC increased its holdings in 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after purchasing an additional 808,914 shares in the last quarter. Finally, Schroder Investment Management Group increased its holdings in 3M by 129.8% in the 4th quarter. Schroder Investment Management Group now owns 1,352,528 shares of the conglomerate’s stock worth $147,858,000 after purchasing an additional 764,066 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wells Fargo & Company upped their target price on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Barclays upped their target price on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a report on Thursday, June 13th. Finally, Citigroup upped their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $124.43.

3M Trading Down 0.8 %

Shares of MMM stock opened at $133.57 on Wednesday. The stock has a 50-day moving average of $122.77 and a 200-day moving average of $107.13. 3M has a 1-year low of $71.12 and a 1-year high of $135.28. The stock has a market cap of $73.91 billion, a price-to-earnings ratio of -10.50, a PEG ratio of 2.41 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter last year, the firm posted $2.17 earnings per share. On average, equities research analysts forecast that 3M will post 7.22 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.10%. 3M’s dividend payout ratio is currently -22.01%.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

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.