PNC Financial Services Group Inc. Sells 47,363 Shares of 3M (NYSE:MMM)

PNC Financial Services Group Inc. cut its stake in 3M (NYSE:MMM - Free Report) by 3.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,443,896 shares of the conglomerate's stock after selling 47,363 shares during the quarter. PNC Financial Services Group Inc. owned 0.27% of 3M worth $197,381,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. CVA Family Office LLC boosted its position in shares of 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate's stock worth $571,000 after purchasing an additional 79 shares in the last quarter. Harbour Investments Inc. lifted its holdings in 3M by 0.8% during the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate's stock worth $1,443,000 after acquiring an additional 81 shares in the last quarter. Fortis Capital Advisors LLC grew its stake in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock valued at $307,000 after acquiring an additional 84 shares during the period. KMG Fiduciary Partners LLC increased its holdings in shares of 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate's stock worth $2,213,000 after acquiring an additional 84 shares in the last quarter. Finally, TCV Trust & Wealth Management Inc. increased its holdings in shares of 3M by 1.3% in the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate's stock worth $884,000 after acquiring an additional 84 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

3M Stock Down 1.5 %

Shares of NYSE MMM traded down $1.99 during trading hours on Tuesday, hitting $128.18. The company had a trading volume of 2,600,533 shares, compared to its average volume of 4,823,272. The stock has a market capitalization of $69.80 billion, a P/E ratio of 16.44, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The firm's 50 day moving average is $132.84 and its 200-day moving average is $118.39. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts' consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company's quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.68 EPS. On average, analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 2.18%. 3M's dividend payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MMM shares. Mizuho boosted their price objective on 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. lifted their price target on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Melius Research raised shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Finally, Argus upgraded 3M from a "hold" rating to a "buy" rating and set a $145.00 target price for the company in a report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.