CNB Bank Sells 227 Shares of 3M (NYSE:MMM)

20 Oct 2024, 18:54 by Michael Walen · The Markets Daily

CNB Bank trimmed its position in shares of 3M (NYSE:MMM – Free Report) by 7.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,950 shares of the conglomerate’s stock after selling 227 shares during the period. CNB Bank’s holdings in 3M were worth $403,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Tributary Capital Management LLC purchased a new position in shares of 3M during the first quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. raised its position in 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. MFA Wealth Advisors LLC bought a new stake in 3M in the second quarter worth $28,000. Northwest Investment Counselors LLC purchased a new stake in 3M during the first quarter valued at about $32,000. Finally, Meeder Asset Management Inc. grew its stake in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $135.14 on Friday. The company has a 50-day simple moving average of $132.67 and a two-hundred day simple moving average of $112.73. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The firm has a market capitalization of $74.78 billion, a PE ratio of -10.62, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a one year low of $71.12 and a one year high of $140.72.

3M (NYSE:MMM – Get Free Report) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter last year, the business posted $2.17 EPS. On average, analysts anticipate that 3M will post 7.24 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MMM. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Bank of America raised their target price on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Citigroup upped their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Barclays raised their price target on shares of 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, 3M currently has a consensus rating of “Hold” and an average price target of $130.57.

Read Our Latest Report on 3M

Insider Buying and Selling

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

About 3M

(Free Report)

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.