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

OLD National Bancorp IN lessened its stake in shares of 3M (NYSE:MMM - Free Report) by 22.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,949 shares of the conglomerate's stock after selling 9,774 shares during the period. OLD National Bancorp IN's holdings in 3M were worth $4,253,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. FSA Wealth Management LLC purchased a new stake in shares of 3M during the third quarter worth $27,000. Daymark Wealth Partners LLC grew its stake in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock valued at $30,000 after buying an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. raised its holdings in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock worth $30,000 after acquiring an additional 121 shares during the period. ORG Partners LLC boosted its stake in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock valued at $41,000 after purchasing an additional 98 shares during the period. Finally, True Wealth Design LLC raised its stake in 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate's stock valued at $42,000 after purchasing an additional 296 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at 3M

In other news, 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 transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,889 shares of company stock worth $16,893,561 over the last three months. Corporate insiders own 0.34% of the company's stock.

3M Stock Down 0.1 %

NYSE MMM traded down $0.11 during trading hours on Friday, hitting $154.29. 957,794 shares of the company traded hands, compared to its average volume of 4,493,319. The stock has a market capitalization of $84.02 billion, a price-to-earnings ratio of 20.42, a P/E/G ratio of 3.35 and a beta of 0.95. 3M has a twelve month low of $75.40 and a twelve month high of $155.00. The business's 50-day moving average is $134.73 and its 200-day moving average is $130.54. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the prior year, the company earned $2.42 earnings per share. The business's revenue for the quarter was down 25.0% compared to the same quarter last year. Sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MMM shares. Citigroup upped their price target on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their price target on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Bank of America increased their price objective on shares of 3M from $160.00 to $175.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. Finally, Barclays upped their price objective on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, 3M has an average rating of "Moderate Buy" and an average price target of $148.87.

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.