3M Co. (MMM) Position Decreased by Wesbanco Bank Inc.
Wesbanco Bank Inc. decreased its stake in shares of 3M Co. (NYSE:MMM) by 1.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 110,497 shares of the company’s stock after selling 1,951 shares during the period. 3M accounts for about 1.2% of Wesbanco Bank Inc.’s portfolio, making the stock its 19th largest position. Wesbanco Bank Inc.’s holdings in 3M were worth $19,350,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Venturi Wealth Management LLC increased its stake in shares of 3M by 0.3% in the second quarter. Venturi Wealth Management LLC now owns 5,940 shares of the company’s stock valued at $1,040,000 after buying an additional 20 shares during the last quarter. Financial Advisory Service Inc. increased its stake in shares of 3M by 0.9% in the second quarter. Financial Advisory Service Inc. now owns 2,005 shares of the company’s stock worth $351,000 after buying an additional 17 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of 3M by 12.0% in the second quarter. Advisors Asset Management Inc. now owns 45,433 shares of the company’s stock worth $7,956,000 after buying an additional 4,865 shares in the last quarter. Broderick Brian C increased its stake in shares of 3M by 2.5% in the second quarter. Broderick Brian C now owns 54,602 shares of the company’s stock worth $9,561,000 after buying an additional 1,320 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in shares of 3M by 22.7% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 1,594 shares of the company’s stock worth $279,000 after buying an additional 295 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.
3M Co. (NYSE:MMM) traded down 0.18% during midday trading on Friday, reaching $171.33. 2,249,588 shares of the company’s stock traded hands. The company has a market capitalization of $103.55 billion, a price-to-earnings ratio of 21.87 and a beta of 0.99. The firm’s 50-day moving average is $177.42 and its 200-day moving average is $173.15. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. The company earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the business posted $2.02 earnings per share. Analysts forecast that 3M Co. will post $8.21 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio is presently 56.63%.
MMM has been the subject of a number of recent research reports. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Wednesday. Credit Suisse Group AG reissued a “buy” rating and issued a $195.00 price objective on shares of 3M in a research note on Friday, September 16th. Deutsche Bank AG reissued a “hold” rating and issued a $164.00 price objective on shares of 3M in a research note on Thursday, August 25th. Morgan Stanley reissued a “sell” rating and issued a $168.00 price objective on shares of 3M in a research note on Tuesday, August 23rd. Finally, Jefferies Group reissued a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $167.11.
In other 3M news, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the completion of the transaction, the insider now directly owns 10,834 shares in the company, valued at $1,933,002.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $299,516.81. Following the transaction, the vice president now owns 1,011 shares of the company’s stock, valued at $180,352.29. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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