State Board of Administration of Florida Retirement System lowered its stake in shares of 3M Co (NYSE:MMM) by 1.1% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 776,272 shares of the conglomerate’s stock after selling 8,298 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.13% of 3M worth $163,568,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Fundsmith Equity Fund L.P. purchased a new position in shares of 3M in the 2nd quarter worth approximately $668,488,000. Holderness Investments Co. raised its holdings in shares of 3M by 7.3% in the 2nd quarter. Holderness Investments Co. now owns 4,350 shares of the conglomerate’s stock worth $856,000 after purchasing an additional 295 shares during the period. CWH Capital Management Inc. bought a new stake in shares of 3M in the 2nd quarter worth approximately $220,000. State Treasurer State of Michigan raised its holdings in shares of 3M by 0.3% in the 2nd quarter. State Treasurer State of Michigan now owns 175,776 shares of the conglomerate’s stock worth $34,579,000 after purchasing an additional 500 shares during the period. Finally, Boulegeris Investments Inc. raised its holdings in shares of 3M by 28.8% in the 2nd quarter. Boulegeris Investments Inc. now owns 6,526 shares of the conglomerate’s stock worth $1,284,000 after purchasing an additional 1,461 shares during the period. Institutional investors and hedge funds own 67.66% of the company’s stock.
Shares of MMM stock 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 1 year low of $181.98 and a 1 year high of $259.77. The firm has a market cap of $117.21 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 1.98 and a beta of 1.18.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. During the same period in the previous year, the firm earned $2.33 EPS. The company’s revenue was down .2% compared to the same quarter last year. As a group, sell-side analysts expect that 3M Co will post 10.02 EPS for the current fiscal year.
In other 3M news, Director Gregory R. Page bought 1,000 shares of the stock in a transaction on Friday, October 26th. The shares were acquired at an average price of $184.50 per share, with a total value of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
A number of equities research analysts recently commented on MMM shares. ValuEngine raised shares of 3M from a “sell” rating to a “hold” rating in a report on Saturday, July 14th. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a report on Sunday, July 15th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $234.00 price target on shares of 3M in a report on Wednesday, July 25th. Barclays lowered their price target on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a report on Wednesday, July 25th. Finally, Morgan Stanley started coverage on shares of 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $225.23.
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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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