Farmers Trust Co. Sells 320 Shares of 3M (NYSE:MMM)

Farmers Trust Co. lowered its stake in 3M (NYSE:MMM) by 0.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,294 shares of the conglomerate’s stock after selling 320 shares during the quarter. 3M accounts for approximately 1.2% of Farmers Trust Co.’s portfolio, making the stock its 22nd largest position. Farmers Trust Co.’s holdings in 3M were worth $6,492,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MMM. State Street Corp boosted its position in shares of 3M by 1.1% during the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after purchasing an additional 302,900 shares in the last quarter. FMR LLC boosted its holdings in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. Pacer Advisors Inc. grew its stake in 3M by 2.0% in the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after acquiring an additional 97,340 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of 3M by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after acquiring an additional 43,942 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of 3M by 18.6% in the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after buying an additional 396,773 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

3M stock traded up $1.15 during mid-day trading on Wednesday, hitting $133.92. 2,493,758 shares of the company traded hands, compared to its average volume of 2,860,057. The stock has a fifty day moving average price of $130.18 and a 200-day moving average price of $126.00. The stock has a market cap of $72.93 billion, a price-to-earnings ratio of 16.91, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating 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 business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the firm earned $2.68 earnings per share. The firm’s revenue was down 24.3% on a year-over-year basis. On average, equities analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MMM shares. Barclays cut their price target on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research note on Wednesday. Wells Fargo & Company lifted their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Finally, Bank of America boosted their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $144.33.

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.