Arden Trust Co lessened its stake in shares of 3M (NYSE:MMM) by 12.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,484 shares of the conglomerate’s stock after selling 628 shares during the quarter. Arden Trust Co’s holdings in 3M were worth $719,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in 3M by 14.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,146,801 shares of the conglomerate’s stock worth $1,114,829,000 after purchasing an additional 910,485 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of 3M by 8.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 7,000,716 shares of the conglomerate’s stock worth $1,092,042,000 after buying an additional 554,002 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of 3M by 9,250.5% during the 2nd quarter. Fisher Asset Management LLC now owns 4,429,230 shares of the conglomerate’s stock worth $690,916,000 after buying an additional 4,381,861 shares during the period. Morgan Stanley grew its stake in 3M by 28.0% in the 1st quarter. Morgan Stanley now owns 3,550,257 shares of the conglomerate’s stock valued at $484,645,000 after buying an additional 777,513 shares during the last quarter. Finally, FMR LLC grew its stake in 3M by 28.4% in the 2nd quarter. FMR LLC now owns 2,983,238 shares of the conglomerate’s stock valued at $465,355,000 after buying an additional 659,549 shares during the last quarter. 64.57% of the stock is currently owned by institutional investors and hedge funds.
MMM has been the subject of a number of recent analyst reports. Royal Bank of Canada upped their price target on shares of 3M from $158.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, July 29th. Credit Suisse Group increased their target price on 3M from $179.00 to $197.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. JPMorgan Chase & Co. raised their target price on 3M from $159.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, October 7th. Morgan Stanley upped their price target on 3M from $166.00 to $173.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 13th. Finally, Gordon Haskett raised 3M from an “underperform” rating to a “hold” rating and set a $170.00 price objective for the company in a research report on Wednesday, October 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. 3M has a consensus rating of “Hold” and a consensus target price of $167.79.
In other news, SVP John Patrick Banovetz sold 2,228 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $164.81, for a total value of $367,196.68. Following the sale, the senior vice president now directly owns 10,506 shares in the company, valued at approximately $1,731,493.86. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.42% of the stock is currently owned by insiders.
MMM opened at $170.97 on Friday. 3M has a fifty-two week low of $114.04 and a fifty-two week high of $182.54. The company has a market capitalization of $98.48 billion, a P/E ratio of 19.38, a P/E/G ratio of 2.14 and a beta of 0.97. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.94 and a quick ratio of 1.36. The firm’s fifty day moving average price is $164.90 and its two-hundred day moving average price is $155.83.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 28th. The conglomerate reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.01. 3M had a net margin of 16.38% and a return on equity of 46.86%. The company had revenue of $7.18 billion during the quarter, compared to the consensus estimate of $7.29 billion. During the same period last year, the firm earned $2.20 EPS. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year. On average, equities research analysts expect that 3M will post 8.37 EPS for the current fiscal year.
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
Further Reading: What moving averages are used to define a golden cross?
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMM).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.