Truist Financial Corp Buys 55,204 Shares of 3M (NYSE:MMM)

Truist Financial Corp raised its holdings in 3M (NYSE:MMM) by 12.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 504,953 shares of the conglomerate’s stock after purchasing an additional 55,204 shares during the quarter. Truist Financial Corp owned approximately 0.09% of 3M worth $55,201,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of 3M by 15.4% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock valued at $10,391,000 after buying an additional 14,775 shares during the period. Shoker Investment Counsel Inc. grew its stake in shares of 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after purchasing an additional 5,561 shares during the period. Diversified Trust Co grew its stake in shares of 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after purchasing an additional 263 shares during the period. MWA Asset Management acquired a new stake in shares of 3M during the fourth quarter worth $1,723,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of 3M during the third quarter worth $11,908,000. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MMM has been the subject of a number of analyst reports. Bank of America decreased their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. decreased their target price on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. Citigroup boosted their target price on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. Finally, Wells Fargo & Company decreased their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, 3M currently has an average rating of “Hold” and a consensus price target of $104.00.

3M Stock Performance

Shares of 3M stock opened at $91.83 on Friday. The firm has a market cap of $50.82 billion, a price-to-earnings ratio of -7.27, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02. The stock’s 50-day moving average is $95.71 and its 200-day moving average is $97.41. 3M has a one year low of $71.12 and a one year high of $95.67. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 6.58%. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is presently -47.82%.

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.