Parkside Financial Bank & Trust reduced its position in shares of 3M Company (NYSE:MMM) by 2.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,072 shares of the conglomerate’s stock after selling 192 shares during the quarter. 3M accounts for about 0.6% of Parkside Financial Bank & Trust’s investment portfolio, making the stock its 28th biggest holding. Parkside Financial Bank & Trust’s holdings in 3M were worth $1,353,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. American Century Companies Inc. boosted its holdings in shares of 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the last quarter. Karp Capital Management Corp boosted its holdings in shares of 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares during the last quarter. Swiss National Bank boosted its holdings in shares of 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after buying an additional 447,900 shares during the last quarter. Bank of New York Mellon Corp raised its stake in 3M by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after acquiring an additional 300,345 shares during the period. Finally, Pictet Asset Management Ltd. raised its stake in 3M by 22.3% during the 1st quarter. Pictet Asset Management Ltd. now owns 1,034,181 shares of the conglomerate’s stock worth $197,870,000 after acquiring an additional 188,794 shares during the period. Institutional investors and hedge funds own 66.31% of the company’s stock.
Several equities research analysts have recently issued reports on MMM shares. Royal Bank Of Canada restated a “hold” rating and issued a $209.00 price target on shares of 3M in a research report on Friday. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a research report on Monday, June 19th. Bank of America Corporation restated a “buy” rating and issued a $227.00 price target on shares of 3M in a research report on Thursday. Stifel Nicolaus restated a “hold” rating and issued a $202.00 price target on shares of 3M in a research report on Wednesday, July 19th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 price objective (down from $193.00) on shares of 3M in a research note on Monday, July 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $206.85.
Shares of 3M Company (NYSE MMM) traded up 0.91% during trading on Friday, reaching $213.35. 3,636,437 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $205.40 and a 200 day moving average price of $200.88. The company has a market capitalization of $127.32 billion, a P/E ratio of 24.34 and a beta of 1.08. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.59 by ($0.01). The company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.08 earnings per share. Equities analysts expect that 3M Company will post $8.94 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were given a $1.175 dividend. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.20%. 3M’s dividend payout ratio (DPR) is presently 53.59%.
In related news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the sale, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the sale, the insider now owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is owned by corporate insiders.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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