OLD National Bancorp IN Has $8.50 Million Stock Holdings in 3M (NYSE:MMM)

OLD National Bancorp IN decreased its stake in 3M (NYSE:MMM) by 4.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,747 shares of the conglomerate’s stock after selling 4,040 shares during the period. OLD National Bancorp IN’s holdings in 3M were worth $8,499,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fragasso Group Inc. increased its holdings in 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after purchasing an additional 93 shares during the period. Bangor Savings Bank increased its holdings in 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after purchasing an additional 104 shares during the period. Allen Capital Group LLC increased its holdings in 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after purchasing an additional 105 shares during the period. N.E.W. Advisory Services LLC increased its holdings in 3M by 4.0% during the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after purchasing an additional 111 shares during the period. Finally, Money Concepts Capital Corp increased its holdings in 3M by 5.3% during the 3rd quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock valued at $210,000 after purchasing an additional 112 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock traded down $0.04 during trading hours on Monday, hitting $92.23. The stock had a trading volume of 154,097 shares, compared to its average volume of 5,794,462. 3M has a one year low of $71.12 and a one year high of $95.67. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The stock’s 50-day moving average price is $95.76 and its two-hundred day moving average price is $97.36. The stock has a market capitalization of $51.04 billion, a price-to-earnings ratio of -7.31, a PEG ratio of 1.63 and a beta of 1.02.

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

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.55%. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is -47.82%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Citigroup upped their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 16th. Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Bank of America reduced their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Finally, Royal Bank of Canada reduced their target price on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $104.00.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.38% of the company’s stock.

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.