QUANTRES ASSET MANAGEMENT Ltd bought a new stake in shares of 3M Co (NYSE:MMM) during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,300 shares of the conglomerate’s stock, valued at approximately $777,000.
A number of other large investors also recently made changes to their positions in MMM. MPS Loria Financial Planners LLC acquired a new stake in shares of 3M during the second quarter worth $124,000. Hoertkorn Richard Charles purchased a new position in shares of 3M in the 3rd quarter worth $126,000. Harfst & Associates Inc. raised its position in shares of 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after buying an additional 100 shares during the period. Mascoma Wealth Management LLC raised its position in shares of 3M by 87.5% in the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after buying an additional 350 shares during the period. Finally, SRS Capital Advisors Inc. raised its position in shares of 3M by 42.3% in the 1st quarter. SRS Capital Advisors Inc. now owns 1,069 shares of the conglomerate’s stock worth $204,000 after buying an additional 318 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.
In other news, insider Jon T. Lindekugel sold 400 shares of 3M stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $230.06, for a total transaction of $92,024.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Frank R. Jr. Little sold 1,500 shares of 3M stock in a transaction that occurred on Friday, October 27th. The shares were 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. Over the last 90 days, insiders sold 22,804 shares of company stock valued at $5,303,706. 0.58% of the stock is currently owned by insiders.
Several research analysts recently weighed in on MMM shares. Bank of America increased their target price on 3M from $227.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Argus reissued a “buy” rating on shares of 3M in a research report on Friday, December 22nd. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Credit Suisse Group reissued an “outperform” rating and issued a $237.00 price objective (up from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Finally, JPMorgan Chase & Co. lowered 3M from a “neutral” rating to an “underweight” rating and raised their price objective for the company from $185.00 to $201.00 in a research report on Wednesday, September 20th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $232.15.
3M Co (NYSE MMM) traded up $2.16 during trading hours on Friday, reaching $244.47. The company had a trading volume of 1,974,254 shares, compared to its average volume of 2,020,000. The firm has a market capitalization of $145,610.00, a P/E ratio of 27.28, a price-to-earnings-growth ratio of 2.41 and a beta of 1.10. 3M Co has a fifty-two week low of $173.55 and a fifty-two week high of $246.00. 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 issued its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, beating the Zacks’ 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 previous year, the firm posted $2.15 earnings per share. 3M’s quarterly revenue was up 6.0% compared to the same quarter last year. analysts expect that 3M Co will post 9.1 earnings per share for the current fiscal year.
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3M Company Profile
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.
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