Manitou Investment Management Ltd. increased its holdings in 3M Co (NYSE:MMM) by 10.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,230 shares of the conglomerate’s stock after purchasing an additional 3,880 shares during the quarter. 3M makes up 2.2% of Manitou Investment Management Ltd.’s investment portfolio, making the stock its 17th biggest holding. Manitou Investment Management Ltd.’s holdings in 3M were worth $8,688,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of MMM. SRS Capital Advisors Inc. boosted its position in shares of 3M by 1,652.8% during the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after purchasing an additional 595 shares in the last quarter. Price Capital Management Inc. bought a new position in shares of 3M during the 3rd quarter worth about $126,000. Avestar Capital LLC boosted its position in shares of 3M by 161.2% during the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after purchasing an additional 432 shares in the last quarter. Braun Bostich & Associates Inc. boosted its position in shares of 3M by 221.7% during the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 481 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in shares of 3M during the 2nd quarter worth about $149,000. 67.66% of the stock is currently owned by institutional investors.
MMM opened at $201.10 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. 3M Co has a fifty-two week low of $181.98 and a fifty-two week high of $259.77. The stock has a market capitalization of $117.21 billion, a P/E ratio of 20.60, a price-to-earnings-growth ratio of 1.98 and a beta of 1.18.
3M (NYSE:MMM) last posted its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The business had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.41 billion. During the same quarter in the prior year, the company earned $2.33 EPS. The company’s revenue was down .2% on a year-over-year basis. Equities analysts forecast that 3M Co will post 10.02 EPS for the current fiscal year.
A number of equities analysts have recently issued reports on MMM shares. Credit Suisse Group started coverage on shares of 3M in a research report on Friday, October 12th. They set an “outperform” rating and a $228.00 price objective on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Monday, October 29th. Barclays cut their price objective on shares of 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 24th. Citigroup cut their price objective on shares of 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Finally, ValuEngine raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Saturday, July 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. 3M presently has an average rating of “Hold” and an average price target of $225.23.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gregory R. Page acquired 1,000 shares of the firm’s stock in a transaction on Friday, October 26th. The stock was purchased at an average price of $184.50 per share, with a total value of $184,500.00. Following the purchase, the director now owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. Company insiders own 0.58% of the company’s stock.
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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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