Wesbanco Bank Inc. Sells 831 Shares of 3M Company $MMM

Wesbanco Bank Inc. cut its position in shares of 3M Company (NYSE:MMM) by 1.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,814 shares of the conglomerate’s stock after selling 831 shares during the period. Wesbanco Bank Inc.’s holdings in 3M were worth $6,975,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MMM. REAP Financial Group LLC increased its stake in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 94 shares during the last quarter. Pinney & Scofield Inc. acquired a new position in shares of 3M during the 4th quarter worth about $28,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of 3M during the 1st quarter worth about $28,000. WPG Advisers LLC acquired a new position in shares of 3M during the 1st quarter worth about $28,000. Finally, Curat Global LLC acquired a new position in shares of 3M during the 1st quarter worth about $29,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

Shares of NYSE:MMM opened at $157.93 on Friday. The company’s 50 day moving average price is $154.05 and its two-hundred day moving average price is $147.97. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15. The firm has a market cap of $84.12 billion, a PE ratio of 21.97, a PEG ratio of 2.90 and a beta of 1.04. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the prior year, the business posted $1.93 EPS. The business’s revenue was up 1.4% compared to the same quarter last year. Equities research analysts predict that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Monday, August 25th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Monday, August 25th. 3M’s dividend payout ratio is presently 40.61%.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent analyst reports. Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Saturday, August 30th. Wells Fargo & Company reiterated an “overweight” rating on shares of 3M in a research note on Friday, July 18th. Finally, Citigroup upped their price target on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $161.78.

Insider Buying and Selling

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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.