Montecito Bank & Trust Has $1.49 Million Holdings in 3M Co (MMM)

Montecito Bank & Trust raised its stake in 3M Co (NYSE:MMM) by 5.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,051 shares of the conglomerate’s stock after buying an additional 371 shares during the quarter. Montecito Bank & Trust’s holdings in 3M were worth $1,486,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Rainier Group Investment Advisory LLC acquired a new position in 3M in the first quarter valued at about $114,000. SRS Capital Advisors Inc. lifted its stake in 3M by 1,652.8% in the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after buying an additional 595 shares during the period. Braun Bostich & Associates Inc. lifted its stake in 3M by 221.7% in the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after buying an additional 481 shares during the period. Avestar Capital LLC lifted its stake in 3M by 161.2% in the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after buying an additional 432 shares during the period. Finally, BDO Wealth Advisors LLC lifted its stake in 3M by 359.4% in the first quarter. BDO Wealth Advisors LLC now owns 712 shares of the conglomerate’s stock valued at $156,000 after buying an additional 557 shares during the period. 66.98% of the stock is currently owned by hedge funds and other institutional investors.

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 released its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, topping the Zacks’ consensus estimate of $2.58 by $0.01. The company had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. 3M’s revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.58 earnings per share. Research analysts anticipate that 3M Co will post 10.28 earnings per share for the current fiscal year.

MMM has been the topic of several analyst reports. 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 note on Friday. They issued 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 issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $233.79.

In related news, 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 transaction of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares in the company, valued at $1,216,944. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 value of $1,301,294.10. 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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