Parkside Financial Bank & Trust Has $1.35 Million Stake in 3M Company (MMM)
Parkside Financial Bank & Trust decreased its position in 3M Company (NYSE:MMM) by 2.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,072 shares of the conglomerate’s stock after selling 192 shares during the period. 3M makes up about 0.6% of Parkside Financial Bank & Trust’s portfolio, making the stock its 28th largest position. Parkside Financial Bank & Trust’s holdings in 3M were worth $1,353,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the company. Reilly Financial Advisors LLC increased its position in 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares during the period. Howe & Rusling Inc. boosted its stake in 3M by 1.2% in the first quarter. Howe & Rusling Inc. now owns 58,098 shares of the conglomerate’s stock valued at $11,116,000 after buying an additional 677 shares in the last quarter. Regent Investment Management LLC boosted its stake in 3M by 13.7% in the first quarter. Regent Investment Management LLC now owns 7,805 shares of the conglomerate’s stock valued at $1,494,000 after buying an additional 941 shares in the last quarter. Pinnacle Bank purchased a new stake in 3M during the first quarter valued at about $953,000. Finally, Cullinan Associates Inc. boosted its stake in 3M by 3.6% in the first quarter. Cullinan Associates Inc. now owns 62,018 shares of the conglomerate’s stock valued at $11,866,000 after buying an additional 2,164 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.
Shares of 3M Company (NYSE:MMM) traded down 0.2353% during midday trading on Thursday, hitting $203.2108. The company had a trading volume of 346,613 shares. The firm has a market capitalization of $121.27 billion, a P/E ratio of 23.1791 and a beta of 1.08. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The firm’s 50-day moving average is $206.57 and its 200-day moving average is $198.51.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.08 earnings per share. On average, analysts predict that 3M Company will post $8.94 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th will be issued a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a yield of 2.31%. The ex-dividend date is Wednesday, August 23rd. 3M’s dividend payout ratio (DPR) is 53.59%.
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MMM has been the topic of several analyst reports. Citigroup Inc. reaffirmed a “buy” rating and set a $229.00 price target (up from $220.00) on shares of 3M in a research note on Saturday, June 3rd. BidaskClub lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Morgan Stanley restated an “underweight” rating and issued a $191.00 price target (down previously from $193.00) on shares of 3M in a report on Monday, July 10th. Stifel Nicolaus restated a “hold” rating and issued a $210.00 price target on shares of 3M in a report on Friday, July 28th. Finally, Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. 3M has an average rating of “Hold” and an average target price of $206.68.
In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the 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 $1,856,330.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The shares were 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 three months, insiders have sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is owned by corporate insiders.
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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