3M (NYSE:MMM) Shares Bought by Burke & Herbert Bank & Trust Co.

Burke & Herbert Bank & Trust Co. grew its stake in 3M (NYSE:MMM) by 111.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,286 shares of the conglomerate’s stock after buying an additional 3,316 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in 3M were worth $642,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of MMM. M&G Plc boosted its holdings in 3M by 28.3% during the second quarter. M&G Plc now owns 191,936 shares of the conglomerate’s stock worth $19,577,000 after buying an additional 42,362 shares in the last quarter. Wedmont Private Capital purchased a new stake in shares of 3M during the 2nd quarter worth about $215,000. Alhambra Investment Management LLC acquired a new stake in shares of 3M during the 2nd quarter valued at about $649,000. Bangor Savings Bank increased its stake in shares of 3M by 6.3% in the 2nd quarter. Bangor Savings Bank now owns 10,921 shares of the conglomerate’s stock valued at $1,116,000 after purchasing an additional 650 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in shares of 3M by 2.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 29,303 shares of the conglomerate’s stock valued at $2,994,000 after purchasing an additional 706 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $125.35 on Wednesday. 3M has a 12 month low of $71.12 and a 12 month high of $128.65. The firm has a market capitalization of $69.36 billion, a P/E ratio of -9.85, a P/E/G ratio of 2.34 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The company’s fifty day moving average price is $108.04 and its 200 day moving average price is $100.52.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the prior year, the firm earned $2.17 EPS. As a group, sell-side analysts predict that 3M will post 7.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MMM. UBS Group boosted their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. Finally, Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $123.57.

Insider Activity at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated 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 in the company, valued at $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

About 3M

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.