OLD National Bancorp IN Decreases Stock Holdings in 3M (NYSE:MMM)

OLD National Bancorp IN reduced its position in shares of 3M (NYSE:MMM) by 22.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 32,949 shares of the conglomerate’s stock after selling 9,774 shares during the quarter. OLD National Bancorp IN’s holdings in 3M were worth $4,253,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MMM. Cetera Investment Advisers raised its position in 3M by 10.7% during the 2nd quarter. Cetera Investment Advisers now owns 183,925 shares of the conglomerate’s stock valued at $18,795,000 after purchasing an additional 17,793 shares during the last quarter. Dana Investment Advisors Inc. raised its holdings in shares of 3M by 6.1% during the second quarter. Dana Investment Advisors Inc. now owns 14,275 shares of the conglomerate’s stock valued at $1,459,000 after acquiring an additional 820 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of 3M during the second quarter valued at approximately $43,000. Abacus Planning Group Inc. purchased a new stake in 3M in the third quarter worth $252,000. Finally, Czech National Bank increased its position in 3M by 6.1% during the 3rd quarter. Czech National Bank now owns 111,909 shares of the conglomerate’s stock valued at $15,298,000 after purchasing an additional 6,461 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 45,276 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $150.01, for a total transaction of $6,791,852.76. Following the completion of the sale, the chairman now owns 175,718 shares of the company’s stock, valued at approximately $26,359,457.18. The trade was a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,889 shares of company stock valued at $16,893,561. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of several research analyst reports. Citigroup raised their target price on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Royal Bank of Canada restated an “underperform” rating and set a $96.00 target price on shares of 3M in a report on Wednesday, January 22nd. Finally, Bank of America increased their price target on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

3M Stock Performance

Shares of MMM stock opened at $154.31 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a 50 day moving average price of $134.20 and a 200-day moving average price of $130.37. 3M has a 52 week low of $75.40 and a 52 week high of $154.65. The firm has a market capitalization of $84.03 billion, a PE ratio of 20.44, a P/E/G ratio of 3.35 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm’s revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.42 EPS. As a group, equities research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio is 37.09%.

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.