3M (NYSE:MMM) Stock Holdings Lowered by Fifth Third Bancorp

Fifth Third Bancorp cut its position in 3M (NYSE:MMM) by 1.8% during the 4th quarter, HoldingsChannel reports. The firm owned 81,587 shares of the conglomerate’s stock after selling 1,482 shares during the quarter. Fifth Third Bancorp’s holdings in 3M were worth $10,532,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. FSA Wealth Management LLC acquired a new stake in shares of 3M in the third quarter valued at approximately $27,000. McClarren Financial Advisors Inc. increased its position in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the period. True Wealth Design LLC raised its stake in 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares in the last quarter. ORG Partners LLC increased its holdings in shares of 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares during the period. Finally, Northwest Investment Counselors LLC bought a new stake in shares of 3M during the third quarter valued at about $57,000. 65.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MMM shares. Mizuho raised their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays upped their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, Bank of America upped their price objective on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

Shares of 3M stock opened at $149.61 on Friday. 3M has a 12 month low of $75.40 and a 12 month high of $152.08. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The stock has a market cap of $81.47 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95. The business has a fifty day simple moving average of $132.83 and a 200-day simple moving average of $129.15.

3M (NYSE:MMM) last posted 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 during the quarter, compared to analysts’ expectations of $5,770,390 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same period last year, the company posted $2.42 earnings per share. On average, sell-side analysts anticipate that 3M will post 7.66 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 37.09%.

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.