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. The firm owned 166,086 shares of the conglomerate’s stock after selling 11,047 shares during the period. 3M makes up about 1.4% of Davis R M Inc.’s holdings, making the stock its 24th largest position. Davis R M Inc.’s holdings in 3M were worth $31,777,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Private Asset Management Inc. increased its stake in 3M by 126.3% in the first quarter. Private Asset Management Inc. now owns 4,838 shares of the conglomerate’s stock worth $926,000 after buying an additional 2,700 shares during the last quarter. Park National Corp OH increased its stake in 3M by 0.3% in the first quarter. Park National Corp OH now owns 152,349 shares of the conglomerate’s stock worth $29,149,000 after buying an additional 461 shares during the last quarter. Toth Financial Advisory Corp bought a new stake in 3M during the first quarter worth $211,000. Wsfs Capital Management LLC bought a new stake in 3M during the fourth quarter worth $434,000. Finally, Searle & CO. increased its stake in 3M by 6.0% in the fourth quarter. Searle & CO. now owns 3,528 shares of the conglomerate’s stock worth $630,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 65.80% of the company’s stock.
Shares of 3M Company (NYSE:MMM) traded down 0.10% during trading on Monday, hitting $207.44. 1,172,563 shares of the company were exchanged. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57. The stock has a market capitalization of $123.79 billion, a PE ratio of 23.66 and a beta of 1.08. The company has a 50 day moving average of $209.15 and a 200-day moving average of $195.17.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same period in the prior year, the company earned $2.08 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. On average, analysts forecast that 3M Company will post $8.94 earnings per share for the current year.
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Several equities research analysts recently commented on MMM shares. Bank of America Corporation reiterated a “buy” rating and set a $225.00 target price (up from $208.00) on shares of 3M in a research report on Tuesday, June 6th. Citigroup Inc. reiterated a “buy” rating and set a $229.00 target price (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Jefferies Group LLC reiterated a “buy” rating and set a $234.00 target price on shares of 3M in a research report on Thursday, June 1st. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 target price on the stock in a research report on Friday, May 26th. Finally, Barclays PLC restated a “buy” rating on shares of 3M in a report on Thursday, April 27th. Two investment 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. The company presently has an average rating of “Hold” and an average price target of $203.40.
In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the company’s stock in a transaction dated 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 transaction, the vice president now directly owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James L. Bauman sold 14,616 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $195.81, for a total value of $2,861,958.96. Following the transaction, the insider now directly owns 16,458 shares in the company, valued at $3,222,640.98. The disclosure for this sale can be found here. Corporate 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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