3M Co (NYSE:MMM) Shares Purchased by Manitou Investment Management Ltd.

Manitou Investment Management Ltd. boosted its stake in 3M Co (NYSE:MMM) by 16.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 83,890 shares of the conglomerate’s stock after acquiring an additional 12,050 shares during the period. 3M accounts for about 3.3% of Manitou Investment Management Ltd.’s holdings, making the stock its 14th biggest position. Manitou Investment Management Ltd.’s holdings in 3M were worth $13,792,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in 3M by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock valued at $8,613,040,000 after purchasing an additional 407,636 shares in the last quarter. BlackRock Inc. boosted its holdings in 3M by 1.2% in the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock valued at $6,783,640,000 after purchasing an additional 472,084 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in 3M by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,349,242 shares of the conglomerate’s stock valued at $927,238,000 after purchasing an additional 72,266 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in 3M by 4.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,440,014 shares of the conglomerate’s stock valued at $769,633,000 after purchasing an additional 173,877 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in 3M by 1,337.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock valued at $490,689,000 after purchasing an additional 2,633,848 shares in the last quarter. Hedge funds and other institutional investors own 66.69% of the company’s stock.

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

Shares of NYSE:MMM traded down $1.37 during trading on Friday, hitting $173.15. 1,573,472 shares of the stock were exchanged, compared to its average volume of 2,790,791. The company has a fifty day moving average price of $163.83 and a two-hundred day moving average price of $169.15. The company has a market cap of $100.79 billion, a PE ratio of 16.55, a P/E/G ratio of 2.03 and a beta of 1.10. The company has a current ratio of 2.30, a quick ratio of 1.79 and a debt-to-equity ratio of 1.68. 3M Co has a 12-month low of $150.58 and a 12-month high of $219.75.

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

Several brokerages have recently commented on MMM. Barclays decreased their price target on 3M from $158.00 to $157.00 and set an “underweight” rating on the stock in a research note on Monday, October 28th. Royal Bank of Canada decreased their price target on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Credit Suisse Group boosted their price target on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Citigroup decreased their price target on 3M from $197.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, October 15th. Finally, Morgan Stanley decreased their price target on 3M from $173.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Five research 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 currently has an average rating of “Hold” and a consensus price target of $174.08.

3M 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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