Fifth Third Bancorp Reduces Stake in 3M (NYSE:MMM)

Fifth Third Bancorp reduced its stake in 3M (NYSE:MMMFree Report) by 9.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 95,519 shares of the conglomerate’s stock after selling 9,978 shares during the quarter. Fifth Third Bancorp’s holdings in 3M were worth $10,442,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MMM. Moneta Group Investment Advisors LLC grew its holdings in 3M by 73,903.2% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock valued at $798,258,000 after buying an additional 6,647,593 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of 3M by 1,273.9% in the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Norges Bank acquired a new position in shares of 3M in the 4th quarter valued at $369,974,000. Renaissance Technologies LLC lifted its stake in shares of 3M by 1,889.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock valued at $201,971,000 after purchasing an additional 1,288,400 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of 3M by 8.3% in the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after purchasing an additional 825,223 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Up 1.4 %

Shares of MMM stock opened at $106.07 on Monday. 3M has a 12 month low of $85.35 and a 12 month high of $113.14. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The firm has a fifty day moving average price of $96.82 and a 200 day moving average price of $97.76.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.28 EPS. As a group, sell-side analysts expect that 3M will post 9.77 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 5.69%. 3M’s dividend payout ratio is presently -47.82%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MMM shares. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $84.00 price target on shares of 3M in a research note on Wednesday, March 20th. Citigroup decreased their price target on 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. Mizuho reissued a “neutral” rating and set a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. StockNews.com assumed coverage on 3M in a research note on Wednesday, March 27th. They set a “buy” rating on the stock. Finally, Barclays raised 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $111.00 to $126.00 in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $107.60.

Check Out Our Latest Report on MMM

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.51% of the stock is owned by company insiders.

3M Profile

(Free Report)

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

Featured Articles

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

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.