3M (NYSE:MMM) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN decreased its holdings in shares of 3M (NYSE:MMM - Free Report) by 15.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,910 shares of the conglomerate's stock after selling 5,039 shares during the quarter. OLD National Bancorp IN's holdings in 3M were worth $4,099,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in MMM. Norges Bank purchased a new stake in 3M during the 4th quarter worth $636,767,000. Invesco Ltd. boosted its position in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after buying an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. purchased a new stake in shares of 3M during the fourth quarter worth about $175,110,000. Capital World Investors lifted its stake in shares of 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after acquiring an additional 1,248,093 shares in the last quarter. Finally, Amundi lifted its stake in shares of 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after acquiring an additional 898,244 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Barclays lifted their price objective on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Saturday, May 24th. JPMorgan Chase & Co. increased their price objective on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Royal Bank of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Finally, Bank of America upped their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $153.46.

3M Stock Performance

Shares of NYSE:MMM traded down $1.26 during trading on Monday, reaching $144.24. 3,401,811 shares of the company's stock traded hands, compared to its average volume of 3,861,925. The stock has a market capitalization of $77.63 billion, a P/E ratio of 19.10, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. 3M has a 12 month low of $98.26 and a 12 month high of $156.35. The company has a 50 day moving average of $141.18 and a 200-day moving average of $141.44. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, equities analysts expect that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. 3M's dividend payout ratio is currently 36.87%.

Insider Transactions at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now directly owns 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% 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.