Rockland Trust Co. Has $1 Million Holdings in 3M (NYSE:MMM)

Rockland Trust Co. trimmed its position in 3M (NYSE:MMM) by 4.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,751 shares of the conglomerate’s stock after selling 320 shares during the quarter. Rockland Trust Co.’s holdings in 3M were worth $1,001,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. CVA Family Office LLC raised its holdings in shares of 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after buying an additional 79 shares in the last quarter. Wynn Capital LLC raised its stake in 3M by 0.7% during the fourth quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock worth $1,509,000 after acquiring an additional 80 shares in the last quarter. Harbour Investments Inc. lifted its holdings in shares of 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after acquiring an additional 81 shares during the last quarter. KMG Fiduciary Partners LLC lifted its holdings in shares of 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after acquiring an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. boosted its stake in shares of 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of research analyst reports. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Barclays lowered their price objective on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Royal Bank of Canada reduced their target price 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $144.33.

3M Trading Up 2.0 %

Shares of MMM stock opened at $137.35 on Wednesday. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The business’s fifty day moving average is $130.90 and its 200 day moving average is $127.12. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a market capitalization of $74.80 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.68 earnings per share. On average, equities research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.04%. 3M’s payout ratio is 35.35%.

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.