FineMark National Bank & Trust Cuts Position in 3M (NYSE:MMM)

FineMark National Bank & Trust lowered its stake in 3M (NYSE:MMM – Free Report ) by 4.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,321 shares of the conglomerate’s stock after selling 777 shares during the quarter. FineMark National Bank & Trust’s holdings in 3M were worth $1,872,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Jade Capital Advisors LLC bought a new stake in 3M during the 4th quarter valued at approximately $4,373,000. Scarborough Advisors LLC purchased a new position in shares of 3M during the fourth quarter valued at $978,000. KMG Fiduciary Partners LLC boosted its holdings 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 purchasing an additional 311 shares during the period. Norden Group LLC boosted its stake in 3M by 1,381.0% in the first quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock worth $6,930,000 after purchasing an additional 60,929 shares in the last quarter. Finally, Financial Synergies Wealth Advisors Inc. boosted its holdings in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares during the period. Institutional investors own 65.25% of the company’s shares.

3M stock performance

Shares of 3M stock opened at $131.40 on Friday. The company’s 50-day moving average price is $117.95 and its 200-day moving average price is $104.73. The company has a quick ratio of 1.08, a current ratio of 1.36, and a debt-to-equity ratio of 2.95. The company has a market cap of $72.71 billion, a PE ratio of -10.33, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a 12-month low of $71.12 and a 12-month high of $134.99.

3M (NYSE:MMM – Get Your Free Report ) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. In the same period last year, the company posted earnings of $2.17 per share. On average, equities research analysts forecast that 3M will post 7.2 EPS for the current fiscal year.

3M announces dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be given a dividend of $0.70 per share. This represents an annualized dividend of $2.80 and a yield of 2.13%. The ex-dividend date of this dividend is Monday, August 26. 3M’s payout ratio is -22.01%.

Insider buying and selling at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were 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 owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred 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 owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s shares.

Analyst upgrades and downgrades

A number of equities analysts recently weighed in on MMM shares. Royal Bank of Canada boosted their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a research note on Monday, 29 July. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research report on Tuesday, July 30th. Bank of America boosted 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. Finally, Citigroup upped their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. One analyst has 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. The company presently has an average rating of “Moderate Buy” and a consensus price target of $124.38, based on data from MarketBeat.com.

Read our latest review of MMM

3M Company Profile

(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 finishes for metalworking applications; body repair solutions; closure systems for personal hygiene products, masking and packaging materials; electrical products and materials for construction and maintenance, power distribution and original electrical equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye and fall protection solutions; and natural and colored mineral granules for shingles.

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