Swiss National Bank raised its stake in shares of 3M Company (NYSE:MMM) by 26.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,131,304 shares of the conglomerate’s stock after buying an additional 447,900 shares during the period. Swiss National Bank owned about 0.36% of 3M worth $407,782,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of MMM. Jackson Grant Investment Advisers Inc. raised its position in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares during the period. Founders Capital Management LLC raised its position in shares of 3M by 0.4% in the first quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock valued at $371,000 after buying an additional 8 shares during the period. Baystate Wealth Management LLC raised its position in shares of 3M by 0.6% in the first quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock valued at $370,000 after buying an additional 11 shares during the period. Capital Management Corp VA raised its position in shares of 3M by 0.3% in the first quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock valued at $753,000 after buying an additional 11 shares during the period. Finally, Smith Chas P & Associates PA Cpas raised its position in shares of 3M by 0.7% in the first quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock valued at $374,000 after buying an additional 13 shares during the period. 65.78% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 3M Company (NYSE:MMM) opened at 199.72 on Friday. The company has a market cap of $119.28 billion, a P/E ratio of 24.15 and a beta of 1.09. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The stock’s 50 day moving average price is $209.43 and its 200 day moving average price is $194.56.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. The company had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.08 EPS. On average, analysts forecast that 3M Company will post $8.94 EPS for the current year.
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Several equities analysts have issued reports on the company. Morgan Stanley boosted their price target on 3M from $178.00 to $193.00 and gave the company an “underweight” rating in a research note on Friday, June 9th. Stifel Nicolaus reissued a “hold” rating and issued a $202.00 price target on shares of 3M in a research note on Wednesday, July 19th. BidaskClub lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. William Blair reissued an “outperform” rating on shares of 3M in a research note on Wednesday. Finally, Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a research note on Monday, June 19th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. 3M has an average rating of “Hold” and an average price target of $203.40.
In other 3M news, VP Marlene Mary Mcgrath sold 14,766 shares of 3M stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total value of $2,877,598.08. Following the completion of the sale, the vice president now owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kimberly F. Price sold 3,016 shares of 3M stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $198.11, for a total value of $597,499.76. Following the completion of the sale, the insider now directly owns 9,292 shares of the company’s stock, valued at approximately $1,840,838.12. The disclosure for this sale can be found here. Insiders have sold 33,698 shares of company stock valued at $6,593,443 in the last quarter. 0.58% of the stock is owned by company insiders.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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