Park National Corp OH Lowers Stake in 3M Co. (MMM)
Park National Corp OH reduced its stake in 3M Co. (NYSE:MMM) by 4.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 157,912 shares of the company’s stock after selling 7,432 shares during the period. 3M makes up approximately 1.8% of Park National Corp OH’s portfolio, making the stock its 14th largest position. Park National Corp OH’s holdings in 3M were worth $27,829,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of MMM. Delphi Private Advisors LLC raised its stake in 3M by 0.4% in the second quarter. Delphi Private Advisors LLC now owns 909 shares of the company’s stock worth $159,000 after buying an additional 4 shares during the period. Landmark Financial Advisors LLC raised its stake in 3M by 0.3% in the second quarter. Landmark Financial Advisors LLC now owns 1,868 shares of the company’s stock worth $327,000 after buying an additional 5 shares during the period. Valley National Advisers Inc. raised its stake in 3M by 0.3% in the second quarter. Valley National Advisers Inc. now owns 2,391 shares of the company’s stock worth $419,000 after buying an additional 7 shares during the period. Founders Capital Management LLC raised its stake in 3M by 0.4% in the second quarter. Founders Capital Management LLC now owns 1,916 shares of the company’s stock worth $336,000 after buying an additional 8 shares during the period. Finally, Gilman Hill Asset Management LLC raised its stake in 3M by 0.3% in the second quarter. Gilman Hill Asset Management LLC now owns 2,440 shares of the company’s stock worth $427,000 after buying an additional 8 shares during the period. 65.78% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Co. (NYSE:MMM) traded up 0.11% during trading on Friday, hitting $172.96. The stock had a trading volume of 1,711,068 shares. The stock has a 50-day moving average price of $170.72 and a 200 day moving average price of $173.43. 3M Co. has a 12 month low of $134.64 and a 12 month high of $182.27. The company has a market cap of $104.03 billion, a P/E ratio of 21.81 and a beta of 1.04.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 25th. The company reported $2.15 EPS for the quarter, topping the Zacks’ consensus estimate of $2.14 by $0.01. The firm earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.72 billion. 3M had a return on equity of 42.27% and a net margin of 16.40%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.05 EPS. Equities analysts expect that 3M Co. will post $8.17 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Friday, November 18th will be issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Wednesday, November 16th. 3M’s payout ratio is currently 55.92%.
A number of analysts have recently weighed in on MMM shares. Jefferies Group reissued a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Credit Suisse Group AG reissued a “buy” rating and set a $195.00 price objective on shares of 3M in a research note on Friday, September 16th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Tuesday, November 15th. Deutsche Bank AG reissued a “hold” rating and set a $164.00 price objective on shares of 3M in a research note on Thursday, August 25th. Finally, Barclays PLC raised 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $171.00 to $194.00 in a research note on Monday, October 24th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $170.19.
In related news, VP Eric D. Hammes sold 504 shares of the business’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $173.69, for a total transaction of $87,539.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Julie L. Bushman sold 10,424 shares of the business’s stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $173.02, for a total value of $1,803,560.48. Following the transaction, the insider now owns 32,717 shares of the company’s stock, valued at approximately $5,660,695.34. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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