First Merchants Corp Sells 6,591 Shares of 3M Co (NYSE:MMM)

First Merchants Corp decreased its holdings in 3M Co (NYSE:MMM) by 25.6% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,184 shares of the conglomerate’s stock after selling 6,591 shares during the quarter. First Merchants Corp’s holdings in 3M were worth $3,325,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in MMM. M. Kraus & Co increased its holdings in 3M by 5.2% during the second quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock worth $629,000 after buying an additional 179 shares during the last quarter. Physicians Financial Services Inc. increased its holdings in 3M by 11.7% during the first quarter. Physicians Financial Services Inc. now owns 16,859 shares of the conglomerate’s stock worth $3,503,000 after buying an additional 1,763 shares during the last quarter. Steinberg Global Asset Management increased its holdings in 3M by 52.6% during the first quarter. Steinberg Global Asset Management now owns 4,903 shares of the conglomerate’s stock worth $1,019,000 after buying an additional 1,689 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in 3M by 10.1% during the second quarter. Daiwa Securities Group Inc. now owns 51,967 shares of the conglomerate’s stock worth $9,007,000 after buying an additional 4,765 shares during the last quarter. Finally, Vectors Research Management LLC increased its holdings in 3M by 16.0% during the fourth quarter. Vectors Research Management LLC now owns 725 shares of the conglomerate’s stock worth $138,000 after buying an additional 100 shares during the last quarter. Institutional investors own 66.98% of the company’s stock.

A number of research firms have commented on MMM. Royal Bank of Canada set a $179.00 price objective on shares of 3M and gave the stock a “hold” rating in a research report on Friday, July 26th. Wolfe Research set a $174.00 target price on shares of 3M and gave the company a “sell” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. reduced their target price on shares of 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a research report on Friday, May 17th. UBS Group lowered their target price on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Finally, Deutsche Bank lowered their target price on 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research note on Friday, April 26th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. 3M presently has an average rating of “Hold” and an average target price of $182.77.

In other 3M news, insider Joaquin Delgado sold 5,400 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $169.68, for a total transaction of $916,272.00. Following the transaction, the insider now directly owns 28,092 shares in the company, valued at approximately $4,766,650.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David B. Dillon purchased 1,200 shares of the business’s stock in a transaction on Friday, May 17th. The shares were acquired at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the completion of the acquisition, the director now directly owns 1,200 shares in the company, valued at approximately $203,400. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,200 shares of company stock worth $559,260 over the last 90 days. Company insiders own 0.83% of the company’s stock.

3M stock opened at $167.19 on Monday. The firm has a 50 day moving average price of $172.71. 3M Co has a 1 year low of $159.32 and a 1 year high of $219.75. The firm has a market capitalization of $98.11 billion, a P/E ratio of 15.98, a P/E/G ratio of 1.79 and a beta of 1.09. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34.

3M (NYSE:MMM) last announced its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the prior year, the business posted $2.59 earnings per share. The firm’s revenue was down 2.6% on a year-over-year basis. As a group, equities research analysts predict that 3M Co will post 9.35 EPS for the current fiscal year.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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