Parkside Financial Bank & Trust Buys 747 Shares of 3M (NYSE:MMM)

Parkside Financial Bank & Trust increased its stake in shares of 3M (NYSE:MMM) by 18.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,760 shares of the conglomerate’s stock after purchasing an additional 747 shares during the quarter. Parkside Financial Bank & Trust’s holdings in 3M were worth $520,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Fragasso Group Inc. raised its position in shares of 3M by 3.8% in the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after buying an additional 93 shares in the last quarter. Bangor Savings Bank grew its holdings in shares of 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after purchasing an additional 104 shares during the last quarter. Allen Capital Group LLC grew its holdings in shares of 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after purchasing an additional 105 shares during the last quarter. N.E.W. Advisory Services LLC grew its holdings in shares of 3M by 4.0% during the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after purchasing an additional 111 shares during the last quarter. Finally, Money Concepts Capital Corp grew its holdings in shares of 3M by 5.3% during the 3rd quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock valued at $210,000 after purchasing an additional 112 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.38% of the stock is owned by corporate insiders.

3M Stock Up 0.6 %

Shares of 3M stock traded up $0.59 during trading on Tuesday, reaching $93.21. 2,304,868 shares of the company traded hands, compared to its average volume of 5,784,802. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. The company has a 50 day moving average price of $95.72 and a 200-day moving average price of $97.40. The firm has a market capitalization of $51.58 billion, a PE ratio of -7.44, a P/E/G ratio of 1.63 and a beta of 1.02.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the previous year, the company earned $2.28 EPS. 3M’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts expect that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.48%. The ex-dividend date was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is presently -47.82%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MMM shares. Bank of America decreased their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Royal Bank of Canada reduced their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. Mizuho reissued a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Barclays reduced their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $104.00.

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.