Busey Bank Has $2.07 Million Holdings in 3M (NYSE:MMM)

Busey Bank cut its position in 3M (NYSE:MMM) by 16.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 15,998 shares of the conglomerate’s stock after selling 3,167 shares during the quarter. Busey Bank’s holdings in 3M were worth $2,065,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its position in 3M by 1.1% in the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after buying an additional 302,900 shares in the last quarter. FMR LLC lifted its position in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of 3M by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after purchasing an additional 43,942 shares in the last quarter. National Pension Service lifted its position in shares of 3M by 14.5% during the third quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock worth $173,336,000 after purchasing an additional 161,036 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Citigroup upped their target price on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Bank of America upped their target price on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Finally, Mizuho boosted their price target 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. Two equities research 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. According to MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average price target of $148.87.

Insider Activity

In other news, EVP Kevin H. Rhodes sold 6,743 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $149.85, for a total value of $1,010,438.55. Following the completion of the transaction, the executive vice president now owns 4,902 shares in the company, valued at $734,564.70. This represents a 57.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares of the company’s stock, valued at $774,238.25. This trade represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 62,291 shares of company stock worth $9,339,786 over the last quarter. 0.34% of the stock is currently owned by company insiders.

3M Stock Up 0.1 %

Shares of NYSE:MMM opened at $151.55 on Thursday. 3M has a 52 week low of $75.40 and a 52 week high of $152.96. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market capitalization of $82.53 billion, a PE ratio of 20.07, a PEG ratio of 2.46 and a beta of 0.95. The company has a 50 day moving average price of $133.72 and a two-hundred day moving average price of $130.23.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the firm earned $2.42 earnings per share. The business’s quarterly revenue was down 25.0% on a year-over-year basis. Analysts forecast that 3M will post 7.66 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 1.85%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 37.09%.

About 3M

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.