Burke & Herbert Bank & Trust Co. Boosts Holdings in 3M (NYSE:MMM)

Burke & Herbert Bank & Trust Co. increased its position in shares of 3M (NYSE:MMM) by 7.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,726 shares of the conglomerate’s stock after buying an additional 440 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in 3M were worth $919,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Ballentine Partners LLC lifted its stake in shares of 3M by 40.1% in the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after purchasing an additional 5,210 shares during the last quarter. West Michigan Advisors LLC purchased a new stake in 3M in the 3rd quarter valued at about $224,000. Mount Yale Investment Advisors LLC lifted its position in 3M by 1.1% in the third quarter. Mount Yale Investment Advisors LLC now owns 8,462 shares of the conglomerate’s stock valued at $1,157,000 after buying an additional 95 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in 3M by 8.9% during the third quarter. Assenagon Asset Management S.A. now owns 22,465 shares of the conglomerate’s stock worth $3,071,000 after buying an additional 1,844 shares during the period. Finally, IFM Investors Pty Ltd increased its position in shares of 3M by 1.0% during the third quarter. IFM Investors Pty Ltd now owns 113,557 shares of the conglomerate’s stock valued at $15,523,000 after acquiring an additional 1,154 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Citigroup lifted their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Tuesday. Wells Fargo & Company lifted their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, 3M has an average rating of “Hold” and a consensus price target of $135.67.

Insider Buying and Selling

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The stock was 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Stock Down 0.1 %

NYSE MMM traded down $0.10 during trading on Friday, reaching $126.37. 413,958 shares of the company’s stock were exchanged, compared to its average volume of 4,932,457. The company has a 50 day moving average price of $133.07 and a two-hundred day moving average price of $113.57. The stock has a market cap of $69.42 billion, a P/E ratio of 15.96, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. 3M has a 1 year low of $72.47 and a 1 year high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last announced its quarterly 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. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the company posted $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. On average, equities research analysts anticipate that 3M will post 7.26 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is 35.35%.

3M Company 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.