3M Company (NYSE:MMM) Shares Sold by OLD Second National Bank of Aurora

OLD Second National Bank of Aurora lessened its stake in shares of 3M Company (NYSE:MMM) by 28.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 500 shares of the conglomerate’s stock after selling 200 shares during the quarter. OLD Second National Bank of Aurora’s holdings in 3M were worth $73,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Wayfinding Financial LLC acquired a new stake in shares of 3M during the fourth quarter valued at $851,000. Ensign Peak Advisors Inc lifted its holdings in 3M by 29.2% in the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock valued at $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Asahi Life Asset Management CO. LTD. lifted its holdings in 3M by 34.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock valued at $1,616,000 after purchasing an additional 3,173 shares in the last quarter. Allstate Corp acquired a new stake in shares of 3M during the 4th quarter worth about $2,101,000. Finally, Teacher Retirement System of Texas grew its holdings in shares of 3M by 59.8% during the fourth quarter. Teacher Retirement System of Texas now owns 747,954 shares of the conglomerate’s stock worth $96,553,000 after buying an additional 280,015 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $142.43 on Friday. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35. The firm has a market capitalization of $76.65 billion, a P/E ratio of 17.98, a P/E/G ratio of 2.96 and a beta of 1.03. The business’s 50-day simple moving average is $142.95 and its 200-day simple moving average is $142.05.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The firm had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. Equities analysts predict that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.05%. 3M’s dividend payout ratio (DPR) is presently 36.87%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Royal Bank Of Canada lifted their price objective on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Finally, Barclays increased their target price on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and an average price target of $155.83.

Insider Buying and Selling at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction that occurred 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 owns 31,372 shares of the company’s stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’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 transaction, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. The trade was 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.

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.