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

Hancock Whitney Corp trimmed its holdings in shares of 3M Co (NYSE:MMM) by 16.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,411 shares of the conglomerate’s stock after selling 2,589 shares during the quarter. Hancock Whitney Corp’s holdings in 3M were worth $2,366,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of 3M by 1.2% in the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock valued at $6,783,640,000 after buying an additional 472,084 shares during the period. Meeder Asset Management Inc. increased its holdings in 3M by 553.1% during the 3rd quarter. Meeder Asset Management Inc. now owns 2,926 shares of the conglomerate’s stock worth $481,000 after purchasing an additional 2,478 shares during the period. Nisa Investment Advisors LLC increased its holdings in 3M by 1.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 228,047 shares of the conglomerate’s stock worth $37,491,000 after purchasing an additional 2,538 shares during the period. Sage Capital Advisors llc increased its holdings in 3M by 0.3% during the 3rd quarter. Sage Capital Advisors llc now owns 74,504 shares of the conglomerate’s stock worth $12,249,000 after purchasing an additional 228 shares during the period. Finally, First Midwest Bank Trust Division increased its holdings in 3M by 0.6% during the 3rd quarter. First Midwest Bank Trust Division now owns 18,225 shares of the conglomerate’s stock worth $2,996,000 after purchasing an additional 112 shares during the period. 66.52% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have weighed in on MMM shares. JPMorgan Chase & Co. upgraded 3M from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $143.00 to $150.00 in a report on Monday, December 23rd. Wolfe Research upgraded 3M from an “underperform” rating to a “peer perform” rating in a report on Thursday, January 9th. UBS Group downgraded 3M from a “neutral” rating to a “sell” rating and cut their price target for the stock from $180.00 to $160.00 in a report on Thursday, December 12th. Royal Bank of Canada cut their price target on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Finally, Citigroup cut their price target on 3M from $180.00 to $176.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $173.92.

NYSE:MMM opened at $161.01 on Friday. The stock has a 50-day simple moving average of $172.75 and a 200-day simple moving average of $167.80. The stock has a market cap of $91.87 billion, a P/E ratio of 17.83, a P/E/G ratio of 1.77 and a beta of 1.13. 3M Co has a 1 year low of $150.58 and a 1 year high of $219.75. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.96 and a current ratio of 1.41.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 28th. The conglomerate reported $1.95 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.10 by ($0.15). The business had revenue of $8.11 billion for the quarter, compared to analyst estimates of $8.12 billion. 3M had a return on equity of 51.39% and a net margin of 14.22%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.31 earnings per share. On average, equities research 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 given a $1.47 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This is a boost from 3M’s previous quarterly dividend of $1.44. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.65%. 3M’s dividend payout ratio is 64.62%.

In related news, CEO Michael F. Roman sold 8,906 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 48,152 shares of the company’s stock, valued at approximately $7,800,624. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Julie L. Bushman sold 6,879 shares of the company’s stock in a transaction dated 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 owned by corporate insiders.

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.

Further Reading: Certificate of Deposit (CD) For Risk Adverse Investors?

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

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