Saratoga Research & Investment Management lessened its position in 3M Co (NYSE:MMM) by 5.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 86,945 shares of the conglomerate’s stock after selling 5,464 shares during the quarter. 3M accounts for 1.4% of Saratoga Research & Investment Management’s portfolio, making the stock its 27th largest position. Saratoga Research & Investment Management’s holdings in 3M were worth $20,464,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in MMM. Beach Investment Management LLC. bought a new stake in shares of 3M in the 2nd quarter worth about $3,165,000. Blume Capital Management Inc. lifted its holdings in shares of 3M by 4.2% in the 2nd quarter. Blume Capital Management Inc. now owns 2,674 shares of the conglomerate’s stock worth $557,000 after acquiring an additional 109 shares during the last quarter. Capital Advantage Inc. lifted its holdings in shares of 3M by 4.8% in the 2nd quarter. Capital Advantage Inc. now owns 1,816 shares of the conglomerate’s stock worth $378,000 after acquiring an additional 83 shares during the last quarter. Brighton Jones LLC bought a new stake in shares of 3M in the 2nd quarter worth about $1,573,000. Finally, BKS Advisors LLC bought a new stake in shares of 3M in the 2nd quarter worth about $251,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.
3M Co (NYSE MMM) opened at $248.18 on Friday. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89. The company has a market cap of $147,817.98, a PE ratio of 27.73, a P/E/G ratio of 2.45 and a beta of 1.10. 3M Co has a 12 month low of $173.55 and a 12 month high of $249.00.
3M (NYSE:MMM) last posted its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.15 EPS. analysts forecast that 3M Co will post 9.1 earnings per share for the current fiscal year.
Several research analysts recently commented on the stock. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $271.00 price target on the stock in a research note on Monday, January 15th. Jefferies Group raised their price target on shares of 3M to $262.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $205.00 price target on shares of 3M in a research note on Friday, October 13th. Stifel Nicolaus raised their price target on shares of 3M from $220.00 to $244.00 and gave the stock a “hold” rating in a research note on Wednesday, October 25th. Finally, Morgan Stanley raised their price target on shares of 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a research note on Monday, October 2nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $235.01.
In other 3M news, insider Frank R. Jr. Little sold 1,500 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $234.47, for a total transaction of $351,705.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Nicholas C. Gangestad sold 4,004 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.84, for a total transaction of $936,295.36. Following the transaction, the chief financial officer now directly owns 25,805 shares in the company, valued at approximately $6,034,241.20. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock worth $5,303,706 in the last three months. Insiders own 0.58% of the company’s stock.
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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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