Parkside Financial Bank & Trust Boosts Position in 3M Co (NYSE:MMM)

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Parkside Financial Bank & Trust increased its holdings in shares of 3M Co (NYSE:MMM) by 2.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 6,565 shares of the conglomerate’s stock after acquiring an additional 127 shares during the quarter. Parkside Financial Bank & Trust’s holdings in 3M were worth $1,079,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the stock. M. Kraus & Co increased its position in 3M by 5.2% during the second quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock worth $629,000 after buying an additional 179 shares during the period. Edgestream Partners L.P. increased its position in 3M by 3,427.1% during the second quarter. Edgestream Partners L.P. now owns 45,500 shares of the conglomerate’s stock worth $7,887,000 after buying an additional 44,210 shares during the period. Schafer Cullen Capital Management Inc increased its position in 3M by 26.8% during the second quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock worth $102,384,000 after buying an additional 124,665 shares during the period. Hikari Power Ltd increased its position in 3M by 3.9% during the second quarter. Hikari Power Ltd now owns 193,600 shares of the conglomerate’s stock worth $33,559,000 after buying an additional 7,270 shares during the period. Finally, First Trust Advisors LP increased its position in 3M by 26.8% during the second quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock worth $77,840,000 after buying an additional 94,863 shares during the period. Hedge funds and other institutional investors own 66.69% of the company’s stock.

In related news, EVP Khandpur K. Ashish sold 3,362 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $174.20, for a total transaction of $585,660.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Eric D. Hammes sold 1,341 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total value of $233,669.25. The disclosure for this sale can be found here. Corporate insiders own 0.83% of the company’s stock.

Several research analysts have commented on MMM shares. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating and set a $166.00 price target on the stock. in a research report on Monday, October 14th. Morgan Stanley cut their price target on 3M from $173.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, October 25th. Barclays cut their price target on 3M from $158.00 to $157.00 and set an “underweight” rating on the stock in a research report on Monday, October 28th. Royal Bank of Canada dropped their target price on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Finally, Wolfe Research set a $177.00 target price on 3M and gave the company a “sell” rating in a report on Friday, October 25th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $174.08.

Shares of NYSE:MMM traded down $1.37 during trading on Friday, reaching $173.15. The company had a trading volume of 1,573,472 shares, compared to its average volume of 2,790,791. The firm has a market capitalization of $100.79 billion, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 2.03 and a beta of 1.10. The company has a debt-to-equity ratio of 1.68, a current ratio of 2.30 and a quick ratio of 1.79. The stock’s fifty day moving average price is $163.83 and its 200 day moving average price is $169.15. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75.

3M (NYSE:MMM) last released its earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.49 by $0.09. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.58 earnings per share. On average, equities analysts anticipate that 3M Co will post 9.09 EPS for the current fiscal year.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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