Arrow Financial Corp Cuts Stake in 3M Co (MMM)

Arrow Financial Corp lessened its position in shares of 3M Co (NYSE:MMM) by 35.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,698 shares of the conglomerate’s stock after selling 4,310 shares during the quarter. Arrow Financial Corp’s holdings in 3M were worth $1,622,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. lifted its stake in 3M by 10.9% in the first quarter. Principal Financial Group Inc. now owns 1,327,100 shares of the conglomerate’s stock valued at $291,326,000 after buying an additional 130,527 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in 3M in the first quarter valued at about $1,690,000. LPL Financial LLC lifted its stake in 3M by 17.8% in the first quarter. LPL Financial LLC now owns 199,976 shares of the conglomerate’s stock valued at $43,899,000 after buying an additional 30,158 shares during the period. TLP Group LLC lifted its stake in 3M by 2,795.6% in the first quarter. TLP Group LLC now owns 1,969 shares of the conglomerate’s stock valued at $432,000 after buying an additional 1,901 shares during the period. Finally, Banco de Sabadell S.A lifted its stake in 3M by 5.4% in the first quarter. Banco de Sabadell S.A now owns 8,549 shares of the conglomerate’s stock valued at $1,877,000 after buying an additional 441 shares during the period. 66.98% of the stock is currently owned by institutional investors and hedge funds.

NYSE MMM opened at $198.23 on Friday. The stock has a market cap of $123.61 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 2.02 and a beta of 1.15. The company has a current ratio of 1.56, a quick ratio of 1.08 and a debt-to-equity ratio of 1.08. 3M Co has a one year low of $190.57 and a one year high of $259.77.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.58 by $0.01. The business had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. 3M’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the company earned $2.58 earnings per share. Research analysts anticipate that 3M Co will post 10.28 earnings per share for the current fiscal year.

Several equities analysts have weighed in on MMM shares. Royal Bank of Canada reissued a “buy” rating and issued a $234.00 target price on shares of 3M in a research note on Wednesday, July 25th. Gordon Haskett assumed coverage on 3M in a research report on Friday. They set a “buy” rating on the stock. Morgan Stanley assumed coverage on 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target on the stock. ValuEngine raised 3M from a “sell” rating to a “hold” rating in a research report on Saturday, July 14th. Finally, Deutsche Bank reaffirmed a “hold” rating and set a $208.00 price target on shares of 3M in a research report on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $233.79.

In related news, insider Jon T. Lindekugel sold 6,410 shares of the stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $203.01, for a total transaction of $1,301,294.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the transaction, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

Further Reading: Stock Symbol

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

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