Bank of Stockton lessened its holdings in 3M Co (NYSE:MMM) by 42.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,740 shares of the conglomerate’s stock after selling 3,463 shares during the period. Bank of Stockton’s holdings in 3M were worth $779,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in MMM. Nuveen Asset Management LLC grew its position in 3M by 1,337.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock valued at $490,689,000 after acquiring an additional 2,633,848 shares during the last quarter. Thoroughbred Financial Services LLC grew its position in 3M by 17,524.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock valued at $168,081,000 after acquiring an additional 1,671,269 shares during the last quarter. Point72 Asset Management L.P. grew its position in 3M by 351.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 540,727 shares of the conglomerate’s stock valued at $93,730,000 after acquiring an additional 755,727 shares during the last quarter. BlackRock Inc. grew its position in 3M by 1.2% in the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock valued at $6,783,640,000 after acquiring an additional 472,084 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in 3M by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock valued at $8,613,040,000 after acquiring an additional 407,636 shares during the last quarter. 66.78% of the stock is currently owned by institutional investors.
MMM opened at $168.76 on Thursday. 3M Co has a 12-month low of $150.58 and a 12-month high of $219.75. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. The business’s fifty day simple moving average is $162.79 and its 200-day simple moving average is $172.89. The company has a market capitalization of $96.38 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 1.92 and a beta of 1.11.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.59 EPS. On average, equities research analysts predict that 3M Co will post 9.18 EPS for the current year.
Several equities analysts have commented on MMM shares. Credit Suisse Group upped their price objective on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. Royal Bank of Canada set a $179.00 price target on 3M and gave the stock a “hold” rating in a research report on Friday, July 26th. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating and set a $166.00 price target on the stock. in a research report on Monday, October 14th. Morgan Stanley dropped their price target on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. Finally, UBS Group dropped their price target on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $179.54.
In related news, insider John Patrick Banovetz sold 1,040 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.83% of the company’s stock.
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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