Park National Corp OH raised its holdings in 3M Company (NYSE:MMM) by 0.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 154,399 shares of the conglomerate’s stock after purchasing an additional 1,125 shares during the quarter. 3M makes up about 1.9% of Park National Corp OH’s investment portfolio, making the stock its 13th largest position. Park National Corp OH’s holdings in 3M were worth $32,408,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. MPS Loria Financial Planners LLC bought a new position in 3M in the 2nd quarter valued at $124,000. M Holdings Securities Inc. raised its position in 3M by 35.9% in the 2nd quarter. M Holdings Securities Inc. now owns 5,450 shares of the conglomerate’s stock valued at $1,135,000 after purchasing an additional 1,441 shares during the last quarter. Griffin Asset Management Inc. bought a new position in 3M in the 2nd quarter valued at $3,785,000. Gs Investments Inc. bought a new position in 3M in the 2nd quarter valued at $409,000. Finally, Sentry Investment Management LLC raised its position in 3M by 1.0% in the 2nd quarter. Sentry Investment Management LLC now owns 47,652 shares of the conglomerate’s stock valued at $9,921,000 after purchasing an additional 467 shares during the last quarter. Hedge funds and other institutional investors own 66.18% of the company’s stock.
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In related news, insider Frank R. Jr. Little sold 2,719 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the transaction, the insider now directly owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is owned by corporate insiders.
Several brokerages have issued reports on MMM. Royal Bank Of Canada reiterated a “hold” rating and issued a $209.00 price objective on shares of 3M in a research report on Friday, September 15th. Jefferies Group LLC restated a “buy” rating and set a $234.00 target price on shares of 3M in a research report on Wednesday, August 16th. J P Morgan Chase & Co downgraded 3M from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $185.00 to $201.00 in a research report on Wednesday, September 20th. Morgan Stanley boosted their target price on 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a research report on Monday, October 2nd. Finally, BidaskClub downgraded 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $209.77.
3M Company (MMM) traded down 0.85% during midday trading on Tuesday, reaching $216.86. The company had a trading volume of 759,479 shares. The stock has a 50-day moving average price of $210.45 and a 200 day moving average price of $204.37. 3M Company has a 12-month low of $163.85 and a 12-month high of $219.76. The company has a market capitalization of $129.41 billion, a PE ratio of 24.74 and a beta of 1.09.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the business earned $2.08 earnings per share. Equities analysts forecast that 3M Company will post $8.96 EPS for the current year.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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