Hancock Whitney Corp Reduces Stake in 3M Co (NYSE:MMM)

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Hancock Whitney Corp lessened its stake in shares of 3M Co (NYSE:MMM) by 16.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 13,411 shares of the conglomerate’s stock after selling 2,589 shares during the period. Hancock Whitney Corp’s holdings in 3M were worth $2,366,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. 1 North Wealth Services LLC acquired a new stake in 3M during the 3rd quarter valued at $26,000. Braun Bostich & Associates Inc. acquired a new stake in shares of 3M during the fourth quarter worth $30,000. Bridger Capital Management LLC acquired a new stake in shares of 3M during the third quarter worth $33,000. Kessler Investment Group LLC acquired a new stake in shares of 3M during the fourth quarter worth $35,000. Finally, IndexIQ Advisors LLC acquired a new stake in shares of 3M during the fourth quarter worth $35,000. Hedge funds and other institutional investors own 66.52% of the company’s stock.

In related news, CEO Michael F. Roman sold 8,906 shares of 3M stock in a transaction on Friday, January 31st. The stock was sold at an average price of $162.00, for a total value of $1,442,772.00. Following the transaction, the chief executive officer now owns 48,152 shares in the company, valued at $7,800,624. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Julie L. Bushman sold 6,879 shares of 3M stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $165.09, for a total value of $1,135,654.11. 0.83% of the stock is currently owned by company insiders.

MMM has been the topic of several analyst reports. UBS Group cut 3M from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $180.00 to $160.00 in a report on Thursday, December 12th. JPMorgan Chase & Co. upgraded 3M from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $143.00 to $150.00 in a report on Monday, December 23rd. Royal Bank of Canada decreased their price objective on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Deutsche Bank raised their price objective on 3M from $160.00 to $176.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley raised their price objective on 3M from $165.00 to $175.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 29th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $173.92.

Shares of 3M stock opened at $161.01 on Friday. 3M Co has a twelve month low of $150.58 and a twelve month high of $219.75. The stock has a market capitalization of $91.87 billion, a P/E ratio of 17.83, a PEG ratio of 1.77 and a beta of 1.13. The company has a current ratio of 1.41, a quick ratio of 0.96 and a debt-to-equity ratio of 1.79. The business’s fifty day moving average price is $172.75 and its 200 day moving average price is $167.80.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 28th. The conglomerate reported $1.95 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.10 by ($0.15). 3M had a net margin of 14.22% and a return on equity of 51.39%. The firm had revenue of $8.11 billion during the quarter, compared to analyst estimates of $8.12 billion. During the same quarter in the previous year, the business posted $2.31 EPS. 3M’s revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts predict that 3M Co will post 9.51 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Friday, February 14th will be issued a $1.47 dividend. The ex-dividend date is Thursday, February 13th. This represents a $5.88 dividend on an annualized basis and a yield of 3.65%. This is a boost from 3M’s previous quarterly dividend of $1.44. 3M’s dividend payout ratio (DPR) is presently 64.62%.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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