1ST Source Bank Sells 1,934 Shares of 3M (NYSE:MMM)

1ST Source Bank lessened its stake in shares of 3M (NYSE:MMM) by 7.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,780 shares of the conglomerate’s stock after selling 1,934 shares during the period. 1ST Source Bank’s holdings in 3M were worth $3,387,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MMM. Old North State Trust LLC increased its stake in shares of 3M by 84.6% in the 3rd quarter. Old North State Trust LLC now owns 3,805 shares of the conglomerate’s stock valued at $520,000 after purchasing an additional 1,744 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after acquiring an additional 178,450 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in shares of 3M by 0.7% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate’s stock valued at $15,993,000 after acquiring an additional 830 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of 3M by 44.7% during the 3rd quarter. Tidal Investments LLC now owns 72,733 shares of the conglomerate’s stock valued at $9,943,000 after acquiring an additional 22,461 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its holdings in 3M by 255.1% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 78,978 shares of the conglomerate’s stock worth $10,796,000 after buying an additional 56,734 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

3M stock traded down $0.59 during midday trading on Friday, hitting $129.16. 398,543 shares of the company’s stock were exchanged, compared to its average volume of 4,680,641. The stock has a 50-day moving average price of $131.43 and a two-hundred day moving average price of $121.97. The company has a market cap of $70.34 billion, a P/E ratio of 16.38, a PEG ratio of 2.15 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the firm earned $2.68 earnings per share. The firm’s revenue was down 24.3% on a year-over-year basis. On average, equities research analysts forecast that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent research reports. Barclays lifted their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Mizuho lifted their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average target price of $144.87.

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.