3M (NYSE:MMM) Shares Purchased by 1ST Source Bank

1ST Source Bank lifted its holdings in 3M (NYSE:MMM) by 1.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,714 shares of the conglomerate’s stock after purchasing an additional 382 shares during the period. 1ST Source Bank’s holdings in 3M were worth $2,730,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MMM. Gilbert & Cook Inc. acquired a new position in shares of 3M in the fourth quarter valued at approximately $481,000. Aveo Capital Partners LLC acquired a new position in shares of 3M in the fourth quarter valued at approximately $219,000. Quadrant Capital Group LLC grew its holdings in shares of 3M by 12.3% in the fourth quarter. Quadrant Capital Group LLC now owns 4,200 shares of the conglomerate’s stock valued at $459,000 after purchasing an additional 459 shares in the last quarter. Great Lakes Advisors LLC grew its holdings in 3M by 624.5% during the 4th quarter. Great Lakes Advisors LLC now owns 118,632 shares of the conglomerate’s stock worth $12,969,000 after acquiring an additional 102,258 shares in the last quarter. Finally, Level Four Advisory Services LLC grew its holdings in 3M by 19.9% during the 4th quarter. Level Four Advisory Services LLC now owns 7,811 shares of the conglomerate’s stock worth $854,000 after acquiring an additional 1,299 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on MMM shares. Citigroup boosted their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a report on Thursday, June 13th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Bank of America boosted their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, 3M has an average rating of “Hold” and an average price target of $124.43.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Stock Up 0.9 %

Shares of 3M stock opened at $133.18 on Friday. The company has a market cap of $73.16 billion, a P/E ratio of -10.47, a PEG ratio of 2.41 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a one year low of $71.12 and a one year high of $134.99. The firm has a fifty day moving average of $121.42 and a two-hundred day moving average of $106.34.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the firm earned $2.17 EPS. On average, analysts forecast that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

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.