Fayerweather Charles trimmed its position in 3M Co (NYSE:MMM) by 21.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,013 shares of the conglomerate’s stock after selling 2,423 shares during the quarter. 3M makes up 2.6% of Fayerweather Charles’ portfolio, making the stock its 17th biggest position. Fayerweather Charles’ holdings in 3M were worth $1,481,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in MMM. Nuveen Asset Management LLC increased its position in 3M by 1,337.4% in the second quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock worth $490,689,000 after purchasing an additional 2,633,848 shares during the period. Thoroughbred Financial Services LLC grew its position in shares of 3M by 17,524.1% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock worth $168,081,000 after buying an additional 1,671,269 shares during the period. Point72 Asset Management L.P. grew its position in shares of 3M by 351.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 540,727 shares of the conglomerate’s stock worth $93,730,000 after buying an additional 755,727 shares during the period. BlackRock Inc. grew its position in shares of 3M by 1.2% during the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock worth $6,783,640,000 after buying an additional 472,084 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of 3M by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock worth $8,613,040,000 after buying an additional 407,636 shares during the period. Hedge funds and other institutional investors own 66.69% of the company’s stock.
Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on 3M from $140.00 to $143.00 and gave the stock an “underweight” rating in a research report on Thursday, October 10th. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating and set a $166.00 target price for the company. in a research report on Monday, October 14th. Citigroup decreased their target price on 3M from $197.00 to $180.00 and set a “buy” rating for the company in a research report on Tuesday, October 15th. UBS Group decreased their target price on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Royal Bank of Canada decreased their target price on 3M from $165.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $174.08.
Shares of NYSE:MMM traded down $1.37 during trading on Friday, hitting $173.15. 1,615,575 shares of the company’s stock traded hands, compared to its average volume of 2,790,791. 3M Co has a 52 week low of $150.58 and a 52 week high of $219.75. 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 company has a market cap of $100.79 billion, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 2.03 and a beta of 1.10. The company has a 50-day moving average price of $163.74 and a 200-day moving average price of $169.38.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.09. 3M had a return on equity of 54.02% and a net margin of 15.48%. The business had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter in the previous year, the business posted $2.58 EPS. 3M’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, analysts predict that 3M Co will post 9.09 earnings per share for the current fiscal year.
In other 3M news, EVP Khandpur K. Ashish sold 3,362 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $174.20, for a total value of $585,660.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Eric D. Hammes sold 1,341 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $174.25, for a total value of $233,669.25. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.
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.
See Also: What is Cost of Debt?
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.