M&T Bank Corp Has $38.01 Million Holdings in 3M (NYSE:MMM)

M&T Bank Corp lowered its position in 3M (NYSE:MMM - Free Report) by 3.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 278,032 shares of the conglomerate's stock after selling 10,684 shares during the quarter. M&T Bank Corp owned 0.05% of 3M worth $38,007,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MMM. FSA Wealth Management LLC acquired a new position in shares of 3M in the 3rd quarter worth approximately $27,000. MFA Wealth Advisors LLC acquired a new position in shares of 3M in the 2nd quarter worth approximately $28,000. Daymark Wealth Partners LLC raised its holdings in shares of 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock worth $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. increased its holdings in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock valued at $30,000 after purchasing an additional 121 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 269 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

Analyst Ratings Changes

MMM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Mizuho raised their price target on 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a report on Thursday, October 17th. 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. Melius raised 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Finally, UBS Group raised 3M from a "neutral" rating to a "buy" rating and raised their price target for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $144.87.

3M Trading Down 1.3 %

Shares of NYSE MMM traded down $1.72 during midday trading on Tuesday, reaching $129.77. 3,225,725 shares of the stock were exchanged, compared to its average volume of 4,708,823. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The business has a 50-day simple moving average of $131.78 and a two-hundred day simple moving average of $121.65. The company has a market capitalization of $70.67 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 2.20 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last posted 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 analysts' expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company'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, equities research analysts expect that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, November 15th. 3M's dividend payout ratio is currently 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.