3M (NYSE:MMM) Position Reduced by OLD National Bancorp IN

OLD National Bancorp IN decreased its position in shares of 3M (NYSE:MMM) by 15.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,910 shares of the conglomerate’s stock after selling 5,039 shares during the period. OLD National Bancorp IN’s holdings in 3M were worth $4,099,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Brighton Jones LLC increased its holdings in shares of 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock valued at $1,149,000 after buying an additional 1,872 shares in the last quarter. Silver Oak Securities Incorporated increased its holdings in shares of 3M by 12.0% in the fourth quarter. Silver Oak Securities Incorporated now owns 3,028 shares of the conglomerate’s stock valued at $391,000 after buying an additional 325 shares in the last quarter. Appleton Partners Inc. MA increased its holdings in shares of 3M by 50.0% in the fourth quarter. Appleton Partners Inc. MA now owns 3,451 shares of the conglomerate’s stock valued at $445,000 after buying an additional 1,150 shares in the last quarter. Apollon Wealth Management LLC increased its holdings in shares of 3M by 7.0% in the fourth quarter. Apollon Wealth Management LLC now owns 21,037 shares of the conglomerate’s stock valued at $2,716,000 after buying an additional 1,379 shares in the last quarter. Finally, Kingsview Wealth Management LLC increased its holdings in shares of 3M by 3.1% in the fourth quarter. Kingsview Wealth Management LLC now owns 33,181 shares of the conglomerate’s stock valued at $4,283,000 after buying an additional 1,005 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MMM. JPMorgan Chase & Co. upped their price target on 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Barclays upped their price target on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 24th. Royal Bank of Canada lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $153.46.

3M Trading Down 0.5%

3M stock opened at $145.58 on Monday. The company’s fifty day simple moving average is $141.18 and its 200-day simple moving average is $141.44. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 12 month low of $98.26 and a 12 month high of $156.35. The stock has a market cap of $78.35 billion, a P/E ratio of 19.28, a P/E/G ratio of 3.30 and a beta of 1.03.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. As a group, sell-side analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.01%. 3M’s dividend payout ratio is presently 36.87%.

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now owns 6,127 shares of the company’s stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

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.