Carnick & Kubik Group LLC reduced its stake in shares of 3M Company (NYSE:MMM) by 4.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,599 shares of the conglomerate’s stock after selling 665 shares during the period. 3M makes up 1.0% of Carnick & Kubik Group LLC’s portfolio, making the stock its 20th largest position. Carnick & Kubik Group LLC’s holdings in 3M were worth $2,793,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in MMM. Howard Capital Management increased its stake in shares of 3M by 1.4% in the first quarter. Howard Capital Management now owns 6,577 shares of the conglomerate’s stock valued at $1,258,000 after buying an additional 90 shares during the period. Arvest Bank Trust Division increased its stake in shares of 3M by 11.6% in the first quarter. Arvest Bank Trust Division now owns 2,340 shares of the conglomerate’s stock valued at $448,000 after buying an additional 244 shares during the period. Loeb Partners Corp increased its stake in shares of 3M by 138.9% in the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock valued at $1,646,000 after buying an additional 5,000 shares during the period. West Oak Capital LLC increased its stake in shares of 3M by 100.6% in the first quarter. West Oak Capital LLC now owns 2,758 shares of the conglomerate’s stock valued at $528,000 after buying an additional 1,383 shares during the period. Finally, TRUE Private Wealth Advisors increased its stake in shares of 3M by 16.6% in the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock valued at $489,000 after buying an additional 367 shares during the period. 65.78% of the stock is currently owned by institutional investors.
3M Company (NYSE MMM) opened at 199.72 on Friday. The stock 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 1-year low of $163.85 and a 1-year high of $214.57. The firm’s 50-day moving average is $209.43 and its 200-day moving average is $194.56.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.59 by $0.01. The firm had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $2.08 earnings per share. On average, analysts forecast that 3M Company will post $8.94 EPS for the current year.
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MMM has been the topic of several recent research reports. Stifel Nicolaus upped their price target on shares of 3M from $190.00 to $202.00 and gave the company a “hold” rating in a report on Wednesday, April 26th. Vetr raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.19 price target on the stock in a report on Friday, April 14th. Morgan Stanley reaffirmed an “underweight” rating and issued a $191.00 price target (down previously from $193.00) on shares of 3M in a report on Monday, July 10th. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, April 27th. Finally, Jefferies Group LLC upped their price target on shares of 3M from $210.00 to $219.00 and gave the company a “buy” rating in a report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $203.40.
In related news, insider Jon T. Lindekugel sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $197.22, for a total transaction of $256,386.00. Following the completion of the sale, the insider now directly owns 2,238 shares in the company, valued at $441,378.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Kimberly F. Price sold 3,016 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $198.11, for a total transaction of $597,499.76. Following the sale, the insider now owns 9,292 shares of the company’s stock, valued at $1,840,838.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,698 shares of company stock worth $6,593,443. 0.58% of the stock is currently owned by 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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