Parkside Financial Bank & Trust Purchases 747 Shares of 3M (NYSE:MMM)

Parkside Financial Bank & Trust raised its position in shares of 3M (NYSE:MMM) by 18.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,760 shares of the conglomerate’s stock after purchasing an additional 747 shares during the quarter. Parkside Financial Bank & Trust’s holdings in 3M were worth $520,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. lifted its holdings in 3M by 1,273.9% in the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of 3M by 8,766.0% during the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock worth $118,168,000 after acquiring an additional 1,068,748 shares in the last quarter. Van ECK Associates Corp increased its position in shares of 3M by 20.8% during the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock valued at $275,630,000 after purchasing an additional 506,654 shares during the last quarter. FMR LLC increased its position in shares of 3M by 29.8% during the 3rd quarter. FMR LLC now owns 1,908,914 shares of the conglomerate’s stock valued at $178,713,000 after purchasing an additional 438,424 shares during the last quarter. Finally, Nuance Investments LLC increased its position in shares of 3M by 10.1% during the 3rd quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock valued at $380,337,000 after purchasing an additional 371,935 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Up 0.6 %

Shares of NYSE MMM traded up $0.59 during mid-day trading on Tuesday, reaching $93.21. 2,304,868 shares of the company were exchanged, compared to its average volume of 5,784,802. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The stock has a market cap of $51.58 billion, a price-to-earnings ratio of -7.44, a P/E/G ratio of 1.63 and a beta of 1.02. 3M has a 1 year low of $71.12 and a 1 year high of $95.67. The firm has a 50-day moving average of $95.72 and a 200 day moving average of $97.40.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same period last year, the business posted $2.28 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. On average, research analysts expect that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.48%. 3M’s dividend payout ratio (DPR) is -47.82%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MMM. Barclays cut their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Wells Fargo & Company cut their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Bank of America cut their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. Royal Bank of Canada cut their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Finally, Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $104.00.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is currently owned by company 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.