Addenda Capital Inc. Cuts Stake in 3M Co (MMM)

Addenda Capital Inc. lessened its position in shares of 3M Co (NYSE:MMM) by 6.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,575 shares of the conglomerate’s stock after selling 923 shares during the quarter. Addenda Capital Inc.’s holdings in 3M were worth $3,196,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sawyer & Company Inc acquired a new position in shares of 3M during the fourth quarter valued at $138,000. MPS Loria Financial Planners LLC acquired a new position in shares of 3M during the second quarter valued at $124,000. Hoertkorn Richard Charles acquired a new position in shares of 3M during the third quarter valued at $126,000. Harfst & Associates Inc. lifted its stake in shares of 3M by 17.0% during the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after acquiring an additional 100 shares during the period. Finally, Mascoma Wealth Management LLC lifted its stake in shares of 3M by 87.5% during the third quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after acquiring an additional 350 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Shares of 3M Co (MMM) opened at $244.47 on Friday. 3M Co has a fifty-two week low of $173.55 and a fifty-two week high of $246.00. The stock has a market capitalization of $144,321.81, a PE ratio of 27.32, a price-to-earnings-growth ratio of 2.41 and a beta of 1.10. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the prior year, the company earned $2.15 earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. sell-side analysts predict that 3M Co will post 9.1 EPS for the current fiscal year.

MMM has been the subject of a number of recent analyst reports. Citigroup reiterated a “buy” rating and issued a $250.00 price objective (up previously from $228.00) on shares of 3M in a report on Monday, October 9th. Argus upped their price objective on 3M from $220.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. They noted that the move was a valuation call. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $248.00 price objective for the company in a report on Wednesday, October 25th. Bank of America upped their price objective on 3M from $227.00 to $257.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, Jefferies Group upped their price objective on 3M to $262.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $232.15.

In other 3M news, Chairman Inge G. Thulin sold 6,823 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $233.14, for a total value of $1,590,714.22. Following the completion of the sale, the chairman now directly owns 196,906 shares in the company, valued at $45,906,664.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frank R. Jr. Little sold 1,500 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $234.47, for a total value of $351,705.00. The disclosure for this sale can be found here. Insiders sold 22,804 shares of company stock valued at $5,303,706 over the last 90 days. Corporate insiders own 0.58% of the company’s stock.

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About 3M

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

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

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