PNC Financial Services Group Inc. Cuts Stock Position in 3M (NYSE:MMM)

PNC Financial Services Group Inc. cut its holdings in shares of 3M (NYSE:MMM) by 3.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,443,896 shares of the conglomerate’s stock after selling 47,363 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.27% of 3M worth $197,381,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in MMM. Bank of New York Mellon Corp raised its stake in 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares during the period. Pacer Advisors Inc. raised its position in shares of 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after buying an additional 97,340 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of 3M by 18.6% in the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after buying an additional 396,773 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of 3M by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after acquiring an additional 11,315 shares during the last quarter. Finally, Capital World Investors purchased a new position in 3M during the first quarter valued at $165,986,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

MMM opened at $130.17 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business has a fifty day moving average of $132.84 and a 200 day moving average of $118.39. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The stock has a market cap of $70.89 billion, a P/E ratio of 16.44, a PEG ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s revenue was down 24.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.68 earnings per share. As a group, sell-side analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Royal Bank of Canada boosted their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Bank of America raised their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Finally, 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 research report on Monday, October 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

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.