Pinnacle Bank Reduces Stock Position in 3M Co (NYSE:MMM)

Pinnacle Bank lessened its holdings in shares of 3M Co (NYSE:MMM) by 2.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,314 shares of the conglomerate’s stock after selling 90 shares during the period. Pinnacle Bank’s holdings in 3M were worth $673,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MMM. Woodstock Corp boosted its position in shares of 3M by 1.1% in the 2nd quarter. Woodstock Corp now owns 47,768 shares of the conglomerate’s stock valued at $7,451,000 after purchasing an additional 505 shares during the period. Diversified Trust Co raised its position in 3M by 6.4% during the 2nd quarter. Diversified Trust Co now owns 10,592 shares of the conglomerate’s stock worth $1,652,000 after buying an additional 634 shares during the last quarter. Private Trust Co. NA raised its holdings in 3M by 3.4% during the second quarter. Private Trust Co. NA now owns 11,953 shares of the conglomerate’s stock worth $1,889,000 after purchasing an additional 391 shares in the last quarter. West Oak Capital LLC lifted its holdings in shares of 3M by 10.8% in the 2nd quarter. West Oak Capital LLC now owns 2,815 shares of the conglomerate’s stock valued at $439,000 after buying an additional 275 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in 3M by 20.1% in the second quarter. State of Alaska Department of Revenue now owns 131,150 shares of the conglomerate’s stock valued at $20,457,000 after acquiring an additional 21,977 shares during the period. 65.83% of the stock is currently owned by institutional investors and hedge funds.

NYSE MMM traded down $2.28 during trading hours on Tuesday, reaching $155.83. 780,279 shares of the company traded hands, compared to its average volume of 2,753,336. The company has a 50 day moving average of $155.84 and a two-hundred day moving average of $156.02. The stock has a market capitalization of $90.94 billion, a PE ratio of 18.27, a PEG ratio of 2.09 and a beta of 0.99. 3M Co has a 12 month low of $114.04 and a 12 month high of $187.72. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 1.94.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 28th. The conglomerate reported $2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.13. The company had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.86 billion. 3M had a return on equity of 50.24% and a net margin of 15.37%. The business’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.23 earnings per share. On average, equities research analysts anticipate that 3M Co will post 7.91 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 22nd were given a $1.47 dividend. This represents a $5.88 annualized dividend and a yield of 3.77%. The ex-dividend date was Thursday, May 21st. 3M’s dividend payout ratio is presently 64.62%.

In other news, SVP Ty R. Silberhorn sold 14,623 shares of 3M stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the sale, the senior vice president now owns 16,571 shares of the company’s stock, valued at $2,426,988.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael G. Vale sold 14,062 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $148.34, for a total value of $2,085,957.08. Following the transaction, the executive vice president now owns 46,900 shares of the company’s stock, valued at $6,957,146. The disclosure for this sale can be found here. Insiders sold 40,184 shares of company stock worth $5,930,874 over the last quarter. 0.42% of the stock is currently owned by company insiders.

MMM has been the topic of a number of research reports. Bank of America increased their price objective on shares of 3M from $165.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Royal Bank of Canada boosted their price target on 3M from $143.00 to $148.00 and gave the company a “sector perform” rating in a report on Wednesday, April 29th. Gordon Haskett lowered shares of 3M from a “hold” rating to an “underperform” rating in a report on Monday, March 30th. Deutsche Bank lifted their target price on 3M from $158.00 to $163.00 and gave the company a “hold” rating in a report on Wednesday, April 29th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $133.00 price objective for the company in a research note on Thursday, April 30th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $162.00.

3M Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

Read More: What is the yield curve?

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.