Whitnell & Co. Grows Stake in 3M Co (NYSE:MMM)

Whitnell & Co. raised its stake in 3M Co (NYSE:MMM) by 42.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,119 shares of the conglomerate’s stock after acquiring an additional 2,701 shares during the period. Whitnell & Co.’s holdings in 3M were worth $1,499,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Kempen Capital Management N.V. bought a new position in shares of 3M during the second quarter valued at $25,000. 1 North Wealth Services LLC bought a new position in shares of 3M during the third quarter valued at $26,000. Atwater Malick LLC bought a new position in shares of 3M during the third quarter valued at $30,000. Arcus Capital Partners LLC bought a new position in 3M in the second quarter valued at about $35,000. Finally, Bridger Capital Management LLC bought a new position in 3M in the third quarter valued at about $33,000. 66.69% of the stock is currently owned by hedge funds and other institutional investors.

MMM stock traded down $1.37 during trading on Friday, reaching $173.15. The stock had a trading volume of 1,573,472 shares, 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 stock’s 50 day moving average is $163.83 and its two-hundred day moving average is $169.15. 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 firm has a market cap of $100.79 billion, a PE ratio of 16.55, a PEG ratio of 2.03 and a beta of 1.10.

3M (NYSE:MMM) last posted its earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share 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 company had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $8.20 billion. During the same quarter in the prior year, the company earned $2.58 earnings per share. 3M’s revenue was down 2.0% on a year-over-year basis. On average, research analysts anticipate that 3M Co will post 9.09 EPS for the current year.

In other news, EVP Khandpur K. Ashish sold 3,362 shares of the firm’s stock in a transaction dated 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 filing with the SEC, which is available at the SEC website. Also, SVP Eric D. Hammes sold 1,341 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was 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. 0.83% of the stock is owned by company insiders.

MMM has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on 3M from $173.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. increased their target price on 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a report on Thursday, October 10th. Wolfe Research set a $177.00 target price on 3M and gave the company a “sell” rating in a report on Friday, October 25th. Royal Bank of Canada lowered their target price on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Finally, Credit Suisse Group increased their target price on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Five equities 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 presently has an average rating of “Hold” and a consensus price target of $174.08.

About 3M

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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