First Citizens Bank & Trust Co. Grows Stock Position in 3M (NYSE:MMM)

First Citizens Bank & Trust Co. boosted its stake in 3M (NYSE:MMM) by 1.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 43,059 shares of the conglomerate’s stock after purchasing an additional 649 shares during the period. First Citizens Bank & Trust Co.’s holdings in 3M were worth $6,324,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in 3M in the 4th quarter valued at approximately $26,000. REAP Financial Group LLC increased its holdings in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. acquired a new stake in 3M in the 4th quarter valued at approximately $27,000. Pinney & Scofield Inc. acquired a new stake in 3M in the 4th quarter valued at approximately $28,000. Finally, Curat Global LLC acquired a new stake in 3M in the 1st quarter valued at approximately $29,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity

In other news, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of MMM opened at $145.58 on Monday. 3M has a 1-year low of $98.26 and a 1-year high of $156.35. The stock has a market cap of $78.35 billion, a PE ratio of 19.28, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a fifty day moving average price of $141.18 and a 200 day moving average price of $141.44.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. As a group, sell-side analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.01%. 3M’s payout ratio is 36.87%.

Analysts Set New Price Targets

Several analysts recently weighed in on MMM shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Saturday, May 24th. Royal Bank of Canada boosted their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price target on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Citigroup boosted their price target on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Finally, Barclays boosted their price target on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average price target of $153.46.

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.