Boys Arnold & Co. Inc. reduced its stake in shares of 3M Co (NYSE:MMM) by 12.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,625 shares of the conglomerate’s stock after selling 3,764 shares during the period. Boys Arnold & Co. Inc.’s holdings in 3M were worth $5,649,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Price Capital Management Inc. purchased a new position in shares of 3M during the third quarter worth $126,000. SRS Capital Advisors Inc. raised its holdings in shares of 3M by 1,652.8% during the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after purchasing an additional 595 shares during the last quarter. Braun Bostich & Associates Inc. raised its holdings in shares of 3M by 221.7% during the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 481 shares during the last quarter. Avestar Capital LLC raised its holdings in shares of 3M by 161.2% during the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after purchasing an additional 432 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of 3M during the second quarter worth $149,000. Institutional investors and hedge funds own 67.66% of the company’s stock.
A number of research firms have weighed in on MMM. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. Royal Bank of Canada cut their price objective on shares of 3M to $223.00 and set an “outperform” rating for the company in a report on Wednesday, October 24th. Argus cut their price objective on shares of 3M from $240.00 to $225.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Barclays cut their price objective on shares of 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a report on Wednesday, July 25th. Finally, Deutsche Bank lifted their price objective on shares of 3M from $210.00 to $220.00 and gave the company a “hold” rating in a report on Friday, September 28th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. 3M has a consensus rating of “Hold” and an average target price of $225.23.
MMM stock opened at $201.10 on Friday. The stock has a market cap of $113.72 billion, a PE ratio of 21.93, a P/E/G ratio of 1.92 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. 3M Co has a 52 week low of $181.98 and a 52 week high of $259.77.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The company had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.33 EPS. As a group, equities analysts anticipate that 3M Co will post 10.02 EPS for the current fiscal year.
In other news, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction dated Monday, September 10th. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the business’s stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $184.50 per share, with a total value of $184,500.00. Following the purchase, the director now directly owns 1,500 shares of the company’s stock, valued at $276,750. The disclosure for this purchase can be found here. 0.58% of the stock is owned by insiders.
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3M Company Profile
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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