Swedbank boosted its position in 3M Co (NYSE:MMM) by 32.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 715,391 shares of the conglomerate’s stock after buying an additional 176,450 shares during the quarter. Swedbank owned approximately 0.12% of 3M worth $150,740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in shares of 3M by 10.9% in the first quarter. Principal Financial Group Inc. now owns 1,327,100 shares of the conglomerate’s stock valued at $291,326,000 after purchasing an additional 130,527 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of 3M in the first quarter valued at $1,690,000. LPL Financial LLC grew its position in 3M by 17.8% during the first quarter. LPL Financial LLC now owns 199,976 shares of the conglomerate’s stock worth $43,899,000 after buying an additional 30,158 shares in the last quarter. TLP Group LLC grew its position in 3M by 2,795.6% during the first quarter. TLP Group LLC now owns 1,969 shares of the conglomerate’s stock worth $432,000 after buying an additional 1,901 shares in the last quarter. Finally, Banco de Sabadell S.A grew its position in 3M by 5.4% during the first quarter. Banco de Sabadell S.A now owns 8,549 shares of the conglomerate’s stock worth $1,877,000 after buying an additional 441 shares in the last quarter. 66.98% of the stock is owned by institutional investors and hedge funds.
Shares of MMM stock opened at $198.23 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08. 3M Co has a 12-month low of $190.57 and a 12-month high of $259.77. The stock has a market cap of $123.61 billion, a price-to-earnings ratio of 21.62, a PEG ratio of 2.02 and a beta of 1.15.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.58 by $0.01. 3M had a return on equity of 51.31% and a net margin of 13.44%. The firm had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.36 billion. During the same quarter in the previous year, the company posted $2.58 earnings per share. The company’s revenue was up 7.4% compared to the same quarter last year. Equities research analysts anticipate that 3M Co will post 10.28 earnings per share for the current fiscal year.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of 3M stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.
Several research firms recently commented on MMM. Gordon Haskett began coverage on 3M in a research report on Friday. They set a “buy” rating for the company. ValuEngine cut 3M from a “hold” rating to a “sell” rating in a research report on Thursday, June 21st. Deutsche Bank restated a “hold” rating and set a $208.00 target price on shares of 3M in a research report on Thursday, July 12th. Barclays reduced their target price on 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research report on Wednesday, July 25th. Finally, Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Friday, October 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $233.79.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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