3M Company (MMM) Stake Increased by First Merchants Corp
First Merchants Corp lifted its position in shares of 3M Company (NYSE:MMM) by 39.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,396 shares of the conglomerate’s stock after acquiring an additional 6,594 shares during the period. First Merchants Corp’s holdings in 3M were worth $4,911,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently modified their holdings of MMM. American Century Companies Inc. lifted its holdings in shares of 3M by 37.1% during the 1st quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after acquiring an additional 852,262 shares during the period. Karp Capital Management Corp increased its position in 3M by 16,353.8% during the 1st quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after purchasing an additional 493,230 shares in the last quarter. Swiss National Bank increased its position in 3M by 26.6% during the 1st quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after purchasing an additional 447,900 shares in the last quarter. Capital Research Global Investors acquired a new position in 3M during the 2nd quarter worth approximately $89,237,000. Finally, Bank of New York Mellon Corp increased its position in 3M by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after purchasing an additional 300,345 shares in the last quarter. 66.21% of the stock is owned by institutional investors.
Shares of 3M Company (NYSE MMM) traded down $0.01 during mid-day trading on Friday, hitting $232.22. 1,531,962 shares of the stock traded hands, compared to its average volume of 2,143,291. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07. 3M Company has a 52 week low of $165.84 and a 52 week high of $238.90. The stock has a market capitalization of $138,312.08, a P/E ratio of 25.95, a P/E/G ratio of 2.52 and a beta of 1.08.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same quarter last year, the firm posted $2.15 earnings per share. The business’s revenue was up 6.0% compared to the same quarter last year. equities research analysts predict that 3M Company will post 9.08 earnings per share for the current year.
Several brokerages have issued reports on MMM. BidaskClub cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Stifel Nicolaus restated a “hold” rating and issued a $202.00 price target on shares of 3M in a research report on Wednesday, July 19th. Royal Bank Of Canada restated a “sector perform” rating and issued a $209.00 price target (down from $210.00) on shares of 3M in a research report on Wednesday, July 26th. William Blair restated an “outperform” rating on shares of 3M in a research report on Wednesday, July 26th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $234.00 price target on shares of 3M in a research report on Wednesday, August 16th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. 3M presently has a consensus rating of “Hold” and an average price target of $230.44.
In other news, VP Khandpur K. Ashish sold 4,004 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $231.39, for a total transaction of $926,485.56. Following the transaction, the vice president now owns 5,236 shares in the company, valued at $1,211,558.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Eric D. Hammes sold 1,428 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the transaction, the vice president now owns 3,066 shares in the company, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,916 shares of company stock worth $7,182,597. Insiders own 0.58% of the company’s stock.
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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, , 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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