Daiwa Securities Group Inc. Buys 2,886 Shares of 3M Co (NYSE:MMM)

Daiwa Securities Group Inc. increased its stake in 3M Co (NYSE:MMM) by 5.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,853 shares of the conglomerate’s stock after purchasing an additional 2,886 shares during the period. Daiwa Securities Group Inc.’s holdings in 3M were worth $9,018,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Park National Corp OH increased its stake in 3M by 6.0% during the 2nd quarter. Park National Corp OH now owns 192,590 shares of the conglomerate’s stock valued at $33,383,000 after purchasing an additional 10,852 shares in the last quarter. Pensionfund DSM Netherlands increased its stake in 3M by 10.7% during the 2nd quarter. Pensionfund DSM Netherlands now owns 21,700 shares of the conglomerate’s stock valued at $3,761,000 after purchasing an additional 2,100 shares in the last quarter. Pensionfund Sabic increased its stake in 3M by 8.3% during the 2nd quarter. Pensionfund Sabic now owns 14,400 shares of the conglomerate’s stock valued at $2,496,000 after purchasing an additional 1,100 shares in the last quarter. Fulton Bank N.A. increased its stake in 3M by 4.0% during the 2nd quarter. Fulton Bank N.A. now owns 17,665 shares of the conglomerate’s stock valued at $3,062,000 after purchasing an additional 672 shares in the last quarter. Finally, Silverleafe Capital Partners LLC bought a new stake in 3M during the 2nd quarter valued at $520,000. Institutional investors and hedge funds own 66.69% of the company’s stock.

Several research firms have recently issued reports on MMM. Royal Bank of Canada reduced their target price on shares of 3M from $165.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, October 25th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating and set a $166.00 target price for the company. in a research note on Monday, October 14th. Barclays reduced their target price on shares of 3M from $158.00 to $157.00 and set an “underweight” rating for the company in a research note on Monday, October 28th. Morgan Stanley reduced their target price on shares of 3M from $173.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, October 25th. Finally, Citigroup reduced their target price on shares of 3M from $197.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $174.08.

In other 3M news, SVP Eric D. Hammes sold 1,341 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $174.25, for a total transaction of $233,669.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Khandpur K. Ashish sold 3,362 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $174.20, for a total transaction of $585,660.40. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by insiders.

Shares of NYSE:MMM traded down $1.37 during midday trading on Friday, reaching $173.15. The company had a trading volume of 1,603,548 shares, compared to its average volume of 2,968,736. The company’s 50 day moving average price is $163.74 and its 200 day moving average price is $169.38. The company has a current ratio of 2.30, a quick ratio of 1.79 and a debt-to-equity ratio of 1.68. The stock has a market cap of $100.79 billion, a P/E ratio of 16.55, a P/E/G ratio of 2.03 and a beta of 1.10. 3M Co has a 52-week low of $150.58 and a 52-week high of $219.75.

3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.49 by $0.09. The company had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $8.20 billion. 3M had a net margin of 15.48% and a return on equity of 54.02%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.58 EPS. Research analysts forecast that 3M Co will post 9.09 EPS for the current fiscal year.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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