3M Co (MMM) Shares Sold by Starfire Investment Advisers Inc.

Starfire Investment Advisers Inc. cut its stake in 3M Co (NYSE:MMM) by 52.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,115 shares of the conglomerate’s stock after selling 1,225 shares during the period. Starfire Investment Advisers Inc.’s holdings in 3M were worth $262,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MMM. MPS Loria Financial Planners LLC bought a new stake in 3M in the 2nd quarter valued at $124,000. Hoertkorn Richard Charles bought a new stake in 3M in the 3rd quarter valued at $126,000. Sawyer & Company Inc bought a new stake in 3M in the 4th quarter valued at $138,000. Harfst & Associates Inc. boosted its holdings in 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after purchasing an additional 100 shares during the period. Finally, Mascoma Wealth Management LLC boosted its holdings in 3M by 87.5% in the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after purchasing an additional 350 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

In related news, CFO Nicholas C. Gangestad sold 4,004 shares of 3M stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.84, for a total transaction of $936,295.36. Following the completion of the transaction, the chief financial officer now directly owns 25,805 shares of the company’s stock, valued at approximately $6,034,241.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Frank R. Jr. Little sold 1,500 shares of 3M stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $234.47, for a total transaction of $351,705.00. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock valued at $5,303,706 over the last three months. 0.58% of the stock is currently owned by insiders.

A number of analysts have weighed in on the stock. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Citigroup raised their price objective on shares of 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a report on Tuesday. Morgan Stanley raised their price objective on shares of 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a report on Monday, October 2nd. Stifel Nicolaus raised their price objective on shares of 3M from $220.00 to $244.00 and gave the stock a “hold” rating in a report on Wednesday, October 25th. Finally, Goldman Sachs Group reaffirmed a “sell” rating on shares of 3M in a report on Thursday, October 26th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $233.68.

3M Co (NYSE MMM) opened at $248.11 on Thursday. The company has a market cap of $147,780.00, a PE ratio of 27.69, a PEG ratio of 2.44 and a beta of 1.10. 3M Co has a 1-year low of $173.55 and a 1-year high of $248.53. The company has a current ratio of 2.07, a quick ratio of 1.47 and a debt-to-equity ratio of 0.89.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the firm posted $2.15 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. research analysts anticipate that 3M Co will post 9.1 earnings per share for the current fiscal year.

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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, , 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.

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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