Stock Yards Bank & Trust Co. grew its stake in 3M (NYSE:MMM) by 5.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,184 shares of the conglomerate’s stock after purchasing an additional 700 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in 3M were worth $2,489,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of 3M by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 46,132,978 shares of the conglomerate’s stock valued at $9,163,394,000 after purchasing an additional 283,222 shares during the period. BlackRock Inc. lifted its stake in shares of 3M by 0.7% in the 2nd quarter. BlackRock Inc. now owns 39,891,035 shares of the conglomerate’s stock valued at $7,923,555,000 after purchasing an additional 265,185 shares during the period. Geode Capital Management LLC lifted its stake in shares of 3M by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 10,307,164 shares of the conglomerate’s stock valued at $2,042,349,000 after purchasing an additional 463,290 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of 3M by 8.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,469,452 shares of the conglomerate’s stock valued at $1,880,917,000 after purchasing an additional 750,128 shares during the period. Finally, Morgan Stanley lifted its stake in shares of 3M by 16.4% in the 2nd quarter. Morgan Stanley now owns 5,903,837 shares of the conglomerate’s stock valued at $1,172,678,000 after purchasing an additional 832,796 shares during the period. 66.73% of the stock is currently owned by institutional investors.
Shares of NYSE MMM traded down $1.83 during mid-day trading on Thursday, hitting $177.63. The company had a trading volume of 1,487,895 shares, compared to its average volume of 2,431,526. The company has a market capitalization of $102.78 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.91 and a beta of 0.96. The firm has a 50-day simple moving average of $180.19 and a two-hundred day simple moving average of $191.95. The company has a current ratio of 1.70, a quick ratio of 1.19 and a debt-to-equity ratio of 1.11. 3M has a one year low of $163.38 and a one year high of $208.95.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 12th. Investors of record on Friday, November 19th will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date is Thursday, November 18th. 3M’s payout ratio is currently 58.10%.
Several analysts recently commented on MMM shares. Langenberg & Company raised 3M from a “hold” rating to a “buy” rating in a research note on Monday, October 11th. Barclays dropped their price objective on 3M from $185.00 to $182.00 and set an “underweight” rating on the stock in a research note on Monday, October 4th. Morgan Stanley raised their price objective on 3M from $193.00 to $194.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 27th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $208.00 price objective on the stock in a research note on Friday, August 6th. Finally, Royal Bank of Canada lowered their target price on 3M from $203.00 to $201.00 and set a “sector perform” rating for the company in a report on Wednesday, October 27th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $195.08.
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
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