Fulton Bank N.A. Buys 1,292 Shares of 3M (NYSE:MMM)

Fulton Bank N.A. increased its holdings in 3M (NYSE:MMM) by 20.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,550 shares of the conglomerate’s stock after buying an additional 1,292 shares during the quarter. Fulton Bank N.A.’s holdings in 3M were worth $772,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MMM. Jade Capital Advisors LLC purchased a new position in shares of 3M in the fourth quarter worth $4,373,000. Scarborough Advisors LLC bought a new position in shares of 3M in the fourth quarter worth about $978,000. KMG Fiduciary Partners LLC lifted its stake in 3M by 2.2% in the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after acquiring an additional 311 shares during the period. Norden Group LLC lifted its position in shares of 3M by 1,381.0% during the first quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock valued at $6,930,000 after buying an additional 60,929 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of 3M by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 187,719 shares of the conglomerate’s stock valued at $20,521,000 after buying an additional 11,528 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Down 0.4 %

MMM stock traded down $0.49 during midday trading on Wednesday, hitting $124.40. 1,433,886 shares of the company’s stock were exchanged, compared to its average volume of 5,435,164. 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 has a 12-month low of $71.12 and a 12-month high of $128.65. The firm has a 50 day moving average price of $105.51 and a 200-day moving average price of $99.59. The stock has a market capitalization of $68.84 billion, a price-to-earnings ratio of -9.89, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last issued 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 company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter last year, the firm earned $2.17 EPS. On average, analysts anticipate that 3M will post 7.21 EPS for the current year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a dividend of $0.70 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.25%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insiders Place Their Bets

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction 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 owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on MMM. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $91.13 to $115.00 in a report on Friday, May 10th. Wells Fargo & Company increased their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Bank of America increased their target price on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, 3M presently has a consensus rating of “Hold” and an average target price of $123.57.

3M Company 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.