1ST Source Bank lowered its position in 3M Co (NYSE:MMM) by 3.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 42,598 shares of the company’s stock after selling 1,550 shares during the period. 3M accounts for about 0.7% of 1ST Source Bank’s holdings, making the stock its 26th largest position. 1ST Source Bank’s holdings in 3M were worth $6,417,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Russell Frank Co boosted its stake in 3M by 59.8% in the fourth quarter. Russell Frank Co now owns 1,409,759 shares of the company’s stock worth $214,204,000 after buying an additional 527,292 shares during the last quarter. Sarasin & Partners raised its position in shares of 3M by 28.7% in the fourth quarter. Sarasin & Partners now owns 628,882 shares of the company’s stock worth $94,735,000 after buying an additional 140,125 shares during the period. Sabal Trust CO raised its position in shares of 3M by 2,522.6% in the fourth quarter. Sabal Trust CO now owns 123,917 shares of the company’s stock worth $18,667,000 after buying an additional 119,192 shares during the period. Cornerstone Investment Partners raised its position in shares of 3M by 1,647.7% in the fourth quarter. Cornerstone Investment Partners now owns 112,221 shares of the company’s stock worth $16,905,000 after buying an additional 105,800 shares during the period. Finally, Nordea Investment Management AB raised its position in shares of 3M by 89.0% in the fourth quarter. Nordea Investment Management AB now owns 103,642 shares of the company’s stock worth $15,613,000 after buying an additional 48,803 shares during the period.

3M Co (NYSE:MMM) opened at 148.73 on Tuesday. The company has a market cap of $90.63 billion and a PE ratio of 19.62. 3M Co has a 1-year low of $134.00 and a 1-year high of $170.50. The stock has a 50 day moving average price of $145.60 and a 200 day moving average price of $148.83.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 26th. The company reported $1.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.03. The business earned $7.30 billion during the quarter, compared to analyst estimates of $7.21 billion. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period last year, the business earned $1.81 EPS. Equities analysts forecast that 3M Co will post $8.23 earnings per share for the current year.

A number of equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Thursday, November 12th. Credit Suisse boosted their target price on shares of 3M from $155.00 to $167.00 and gave the stock an “outperform” rating in a research report on Friday, October 23rd. RBC Capital decreased their target price on shares of 3M from $141.00 to $138.00 and set an “underperform” rating on the stock in a research report on Friday, October 23rd. Barclays boosted their target price on shares of 3M from $135.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Friday, October 23rd. Finally, Hilliard Lyons started coverage on 3M in a research note on Monday. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $157.27.

In other 3M news, VP Marlene Mary Mcgrath sold 9,126 shares of the firm’s stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $159.26, for a total value of $1,453,406.76. Following the sale, the vice president now owns 10,198 shares of the company’s stock, valued at approximately $1,624,133.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

3M Company is a diversified technology company. The Company operates in five business segments: Industrial, which serves a range of markets, such as automotive original equipment manufacturer (NYSE:MMM) and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction; Safety and Graphics, which serves a range of markets for the safety, security and productivity of people, facilities and systems; Electronics and Energy, which serves customers in electronics and energy markets, including solutions for electronic devices, telecommunications networks, electrical products, power generation and distribution, and infrastructure protection; Health Care, which serves markets that include medical clinics and hospitals, pharmaceuticals, dental and orthodontic practitioners, and health information systems, and Consumer, which serves markets that include consumer retail, office retail, home improvement, building maintenance and other markets.

12 Month Chart for NYSE:MMM

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