OLD National Bancorp IN Sells 9,774 Shares of 3M (NYSE:MMM)

OLD National Bancorp IN lessened its position in shares of 3M (NYSE:MMM) by 22.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 hedge funds and other institutional investors have also bought and sold shares of MMM. FSA Wealth Management LLC acquired a new position in shares of 3M in the 3rd quarter valued at about $27,000. McClarren Financial Advisors Inc. lifted its stake in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the period. True Wealth Design LLC boosted its holdings in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after buying an additional 296 shares in the last quarter. ORG Partners LLC grew its position in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares during the period. Finally, Northwest Investment Counselors LLC bought a new stake in shares of 3M in the 3rd quarter valued at $57,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the transaction, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,889 shares of company stock valued at $16,893,561 in the last 90 days. Insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of NYSE MMM 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 market capitalization of $84.03 billion, a PE ratio of 20.44, a PEG ratio of 3.35 and a beta of 0.95. The stock’s 50 day moving average price is $134.20 and its 200-day moving average price is $130.37. 3M has a twelve month low of $75.40 and a twelve month high of $154.65.

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

3M Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Bank of America raised their target price on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and increased their price target for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Barclays increased their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.