Anchor Capital Advisors LLC trimmed its stake in shares of 3M Co (NYSE:MMM) by 0.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 86,694 shares of the conglomerate’s stock after selling 504 shares during the quarter. Anchor Capital Advisors LLC’s holdings in 3M were worth $18,267,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in shares of 3M by 10.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,327,100 shares of the conglomerate’s stock valued at $291,326,000 after buying an additional 130,527 shares in the last quarter. Addenda Capital Inc. lifted its position in shares of 3M by 91.5% during the 2nd quarter. Addenda Capital Inc. now owns 25,245 shares of the conglomerate’s stock valued at $5,268,000 after buying an additional 12,063 shares in the last quarter. Community Bank N.A. lifted its position in shares of 3M by 5.0% during the 2nd quarter. Community Bank N.A. now owns 23,258 shares of the conglomerate’s stock valued at $4,576,000 after buying an additional 1,110 shares in the last quarter. FormulaFolio Investments LLC lifted its position in shares of 3M by 221.3% during the 2nd quarter. FormulaFolio Investments LLC now owns 3,454 shares of the conglomerate’s stock valued at $680,000 after buying an additional 2,379 shares in the last quarter. Finally, BKD Wealth Advisors LLC lifted its position in shares of 3M by 3.6% during the 2nd quarter. BKD Wealth Advisors LLC now owns 19,101 shares of the conglomerate’s stock valued at $3,758,000 after buying an additional 670 shares in the last quarter. 67.66% of the stock is currently owned by institutional investors.
In related news, Director Gregory R. Page purchased 1,000 shares of 3M stock in a transaction dated Friday, October 26th. The shares were acquired at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares in the company, valued at $276,750. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the transaction, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.58% of the stock is owned by insiders.
Shares of MMM stock opened at $201.10 on Friday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97. The firm has a market capitalization of $113.72 billion, a price-to-earnings ratio of 21.93, a PEG ratio of 1.92 and a beta of 1.18. 3M Co has a fifty-two week low of $181.98 and a fifty-two week high of $259.77.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The firm had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.33 EPS. Sell-side analysts expect that 3M Co will post 10.02 EPS for the current year.
A number of research analysts have recently issued reports on the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. UBS Group increased their target price on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, August 30th. Deutsche Bank increased their target price on 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research report on Friday, September 28th. Morgan Stanley assumed coverage on 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price objective on the stock. Finally, Barclays decreased their price objective on 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. 3M currently has an average rating of “Hold” and a consensus price target of $225.23.
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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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