Vigilant Capital Management LLC lowered its position in 3M Co (NYSE:MMM) by 9.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,185 shares of the conglomerate’s stock after selling 946 shares during the period. Vigilant Capital Management LLC’s holdings in 3M were worth $1,935,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of MMM. Rainier Group Investment Advisory LLC acquired a new position in shares of 3M during the 1st quarter worth about $114,000. SRS Capital Advisors Inc. raised its position in shares of 3M by 1,652.8% during the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after purchasing an additional 595 shares during the last quarter. Avestar Capital LLC raised its position in shares of 3M by 161.2% during the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after purchasing an additional 432 shares during the last quarter. Braun Bostich & Associates Inc. raised its position in shares of 3M by 221.7% during the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 481 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of 3M during the 2nd quarter worth about $149,000. Institutional investors and hedge funds own 66.98% of the company’s stock.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jon T. Lindekugel sold 6,410 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.
MMM stock opened at $198.23 on Friday. The stock has a market capitalization of $123.61 billion, a price-to-earnings ratio of 21.62, a price-to-earnings-growth ratio of 2.02 and a beta of 1.15. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08. 3M Co has a 12 month low of $190.57 and a 12 month high of $259.77.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, beating the Zacks’ consensus estimate of $2.58 by $0.01. The company had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.36 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. 3M’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.58 EPS. On average, sell-side analysts expect that 3M Co will post 10.28 earnings per share for the current year.
Several research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine downgraded shares of 3M from a “hold” rating to a “sell” rating in a research report on Thursday, June 21st. Barclays reduced their price target on shares of 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research report on Wednesday, July 25th. Deutsche Bank upped their price target on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research report on Friday, September 28th. Finally, Gordon Haskett assumed coverage on shares of 3M in a research report on Friday. They set a “buy” rating for the company. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. 3M currently has a consensus rating of “Hold” and a consensus price target of $233.79.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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