Connable Office Inc. lowered its stake in shares of 3M Company (NYSE:MMM) by 10.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,954 shares of the conglomerate’s stock after selling 1,489 shares during the period. Connable Office Inc.’s holdings in 3M were worth $2,478,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of 3M during the fourth quarter valued at about $3,477,000. Searle & CO. raised its position in shares of 3M by 6.0% in the fourth quarter. Searle & CO. now owns 3,528 shares of the conglomerate’s stock valued at $630,000 after buying an additional 200 shares in the last quarter. Wsfs Capital Management LLC purchased a new position in shares of 3M during the fourth quarter valued at about $434,000. Toth Financial Advisory Corp purchased a new position in shares of 3M during the first quarter valued at about $211,000. Finally, Park National Corp OH raised its position in shares of 3M by 0.3% in the first quarter. Park National Corp OH now owns 152,349 shares of the conglomerate’s stock valued at $29,149,000 after buying an additional 461 shares in the last quarter. Institutional investors own 65.80% of the company’s stock.
3M Company (MMM) traded up 0.02% during trading on Wednesday, reaching $206.48. The company had a trading volume of 1,622,181 shares. The firm has a market capitalization of $123.22 billion, a P/E ratio of 23.55 and a beta of 1.08. The stock has a 50 day moving average price of $208.87 and a 200 day moving average price of $195.42. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the 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 during the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the previous year, the company posted $2.08 earnings per share. 3M’s revenue for the quarter was up 1.9% compared to the same quarter last year. Analysts predict that 3M Company will post $8.94 earnings per share for the current year.
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A number of research analysts recently weighed in on MMM shares. Morgan Stanley raised their price objective on 3M from $178.00 to $193.00 and gave the company an “underweight” rating in a research report on Friday, June 9th. BidaskClub lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective for the company in a research report on Monday, June 19th. Stifel Nicolaus reaffirmed a “hold” rating and set a $202.00 price objective on shares of 3M in a research report on Wednesday, July 19th. Finally, William Blair reaffirmed an “outperform” rating on shares of 3M in a research report on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $203.40.
In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the sale, the vice president now directly 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 is available at this hyperlink. Also, insider James L. Bauman sold 14,616 shares of the stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $195.81, for a total transaction of $2,861,958.96. Following the sale, 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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