Park National Corp OH Acquires 10,852 Shares of 3M Co (NYSE:MMM)

Park National Corp OH grew its holdings in 3M Co (NYSE:MMM) by 6.0% during the 2nd quarter, Holdings Channel reports. The firm owned 192,590 shares of the conglomerate’s stock after purchasing an additional 10,852 shares during the period. 3M makes up approximately 1.8% of Park National Corp OH’s portfolio, making the stock its 12th biggest position. Park National Corp OH’s holdings in 3M were worth $33,383,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank bought a new position in 3M during the 4th quarter worth approximately $918,305,000. Ronna Sue Cohen increased its position in 3M by 20,703.2% during the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after acquiring an additional 2,672,577 shares during the last quarter. BlackRock Inc. increased its position in 3M by 3.0% during the fourth quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock valued at $7,435,433,000 after acquiring an additional 1,152,714 shares during the last quarter. Bessemer Group Inc. increased its position in 3M by 2,768.8% during the fourth quarter. Bessemer Group Inc. now owns 578,657 shares of the conglomerate’s stock valued at $110,258,000 after acquiring an additional 558,486 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in 3M by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares during the period. 66.62% of the stock is currently owned by institutional investors.

In other news, Director David B. Dillon purchased 1,200 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $203,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joaquin Delgado sold 5,400 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $169.68, for a total transaction of $916,272.00. Following the sale, the insider now owns 28,092 shares in the company, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. Insiders purchased a total of 3,200 shares of company stock worth $559,260 over the last quarter. Insiders own 0.83% of the company’s stock.

Shares of NYSE MMM traded up $2.88 during midday trading on Tuesday, reaching $177.52. The company’s stock had a trading volume of 2,321,407 shares, compared to its average volume of 2,737,264. The company has a current ratio of 2.02, a quick ratio of 1.38 and a debt-to-equity ratio of 1.60. The stock has a 50 day moving average price of $170.63. 3M Co has a one year low of $159.32 and a one year high of $219.75. The stock has a market capitalization of $101.99 billion, a P/E ratio of 16.97, a price-to-earnings-growth ratio of 1.83 and a beta of 1.09.

3M (NYSE:MMM) last released its earnings results on Thursday, April 25th. The conglomerate reported $2.23 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). 3M had a return on equity of 57.42% and a net margin of 17.43%. The business had revenue of $7.86 billion during the quarter, compared to the consensus estimate of $8.02 billion. During the same quarter in the previous year, the firm earned $2.50 earnings per share. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. Research analysts anticipate that 3M Co will post 9.29 EPS for the current year.

Several analysts have issued reports on MMM shares. Zacks Investment Research raised Green Brick Partners from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Wolfe Research set a $205.00 price target on shares of Raytheon and gave the company a “buy” rating in a report on Friday, April 26th. Argus lifted their price target on shares of Waste Management from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Royal Bank of Canada downgraded shares of 3M from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $207.00 to $176.00 in a research report on Monday, July 8th. Finally, Bank of America set a $420.00 target price on shares of Boeing and gave the stock a “hold” rating in a research report on Thursday, June 27th. Four equities research 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’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $184.25.

3M Company Profile

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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