Davis R M Inc. decreased its position in 3M Company (NYSE:MMM) by 6.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 166,086 shares of the conglomerate’s stock after selling 11,047 shares during the period. 3M makes up 1.4% of Davis R M Inc.’s portfolio, making the stock its 24th largest position. Davis R M Inc.’s holdings in 3M were worth $31,777,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the company. Checchi Capital Advisers LLC raised its stake in shares of 3M by 8.0% in the first quarter. Checchi Capital Advisers LLC now owns 5,910 shares of the conglomerate’s stock worth $1,131,000 after buying an additional 440 shares during the period. HPM Partners LLC acquired a new stake in shares of 3M during the first quarter worth about $4,740,000. Henderson Group PLC raised its stake in shares of 3M by 0.3% in the first quarter. Henderson Group PLC now owns 86,258 shares of the conglomerate’s stock worth $16,505,000 after buying an additional 240 shares during the period. Boston Partners raised its stake in shares of 3M by 0.3% in the first quarter. Boston Partners now owns 8,849 shares of the conglomerate’s stock worth $1,693,000 after buying an additional 29 shares during the period. Finally, Girard Partners LTD. raised its stake in shares of 3M by 1.0% in the first quarter. Girard Partners LTD. now owns 11,798 shares of the conglomerate’s stock worth $2,257,000 after buying an additional 113 shares during the period. Institutional investors own 65.76% of the company’s stock.
3M (NYSE:MMM) last released 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. 3M had a net margin of 17.65% and a return on equity of 47.83%. The company had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the firm earned $2.08 EPS. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year.
MMM has been the subject of a number of research analyst reports. Zacks Investment Research downgraded 3M from a “buy” rating to a “hold” rating in a report on Thursday. Stifel Nicolaus reaffirmed a “hold” rating and issued a $210.00 price target on shares of 3M in a report on Friday. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $209.00 price target (down from $210.00) on shares of 3M in a report on Wednesday, July 26th. William Blair reaffirmed an “outperform” rating on shares of 3M in a report on Wednesday, July 26th. Finally, Citigroup Inc. lowered their price target on 3M from $230.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. 3M has a consensus rating of “Hold” and a consensus target price of $203.40.
In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the transaction, the vice president now owns 24,480 shares in the company, valued at approximately $4,770,662.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James L. Bauman sold 14,616 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $195.81, for a total value of $2,861,958.96. Following the transaction, the insider now owns 16,458 shares of the company’s stock, valued at approximately $3,222,640.98. The disclosure for this sale can be found here. Insiders have sold a total of 33,698 shares of company stock valued at $6,593,443 in the last 90 days. Insiders own 0.58% of the company’s stock.
About 3M
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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