Mechanics Bank Trust Department lowered its stake in 3M Co (NYSE:MMM) by 7.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,804 shares of the conglomerate’s stock after selling 300 shares during the period. Mechanics Bank Trust Department’s holdings in 3M were worth $625,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of MMM. M. Kraus & Co grew its position in 3M by 5.2% during the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock worth $629,000 after purchasing an additional 179 shares in the last quarter. Edgestream Partners L.P. grew its position in 3M by 3,427.1% during the 2nd quarter. Edgestream Partners L.P. now owns 45,500 shares of the conglomerate’s stock worth $7,887,000 after purchasing an additional 44,210 shares in the last quarter. Schafer Cullen Capital Management Inc grew its position in 3M by 26.8% during the 2nd quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock worth $102,384,000 after purchasing an additional 124,665 shares in the last quarter. Hikari Power Ltd grew its position in 3M by 3.9% during the 2nd quarter. Hikari Power Ltd now owns 193,600 shares of the conglomerate’s stock worth $33,559,000 after purchasing an additional 7,270 shares in the last quarter. Finally, First Trust Advisors LP grew its position in 3M by 26.8% during the 2nd quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock worth $77,840,000 after purchasing an additional 94,863 shares in the last quarter. 66.78% of the stock is currently owned by institutional investors.
3M stock opened at $163.10 on Monday. The company’s fifty day simple moving average is $162.39 and its 200-day simple moving average is $174.05. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53. 3M Co has a 12 month low of $150.58 and a 12 month high of $219.75. The stock has a market cap of $94.08 billion, a P/E ratio of 15.59, a P/E/G ratio of 1.88 and a beta of 1.11.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the previous year, the company posted $2.59 EPS. 3M’s revenue was down 2.6% on a year-over-year basis. On average, equities research analysts expect that 3M Co will post 9.18 earnings per share for the current fiscal year.
In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.83% of the stock is currently owned by insiders.
Several research firms have weighed in on MMM. UBS Group lowered their price objective on shares of 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Citigroup lowered their price target on shares of 3M from $197.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, October 15th. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating and set a $166.00 price target on the stock. in a report on Monday, October 14th. Credit Suisse Group boosted their price target on shares of 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Finally, Morgan Stanley lowered their price target on shares of 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $179.54.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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