Coastline Trust Co lowered its stake in shares of 3M Co (NYSE:MMM) by 17.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,595 shares of the conglomerate’s stock after selling 2,080 shares during the quarter. Coastline Trust Co’s holdings in 3M were worth $2,021,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rainier Group Investment Advisory LLC bought a new position in 3M in the 1st quarter valued at $114,000. SRS Capital Advisors Inc. grew its position in 3M by 1,652.8% in the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after acquiring an additional 595 shares during the last quarter. Braun Bostich & Associates Inc. grew its position in 3M by 221.7% in the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 481 shares during the last quarter. Avestar Capital LLC grew its position in 3M by 161.2% in the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after acquiring an additional 432 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in 3M in the 2nd quarter valued at $149,000. 67.05% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE MMM opened at $199.85 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08. The firm has a market cap of $119.04 billion, a P/E ratio of 21.79, a P/E/G ratio of 1.94 and a beta of 1.15. 3M Co has a 1-year low of $190.57 and a 1-year high of $259.77.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.01. The firm had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.58 EPS. As a group, equities analysts forecast that 3M Co will post 10.27 EPS for the current fiscal year.
Several equities analysts have commented on the company. Gordon Haskett assumed coverage on 3M in a research report on Friday, October 12th. They issued a “buy” rating on the stock. ValuEngine raised 3M from a “sell” rating to a “hold” rating in a research report on Saturday, July 14th. Deutsche Bank reissued a “hold” rating and set a $208.00 price target on shares of 3M in a research report on Thursday, July 12th. Barclays dropped their price target on 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 25th. Finally, MED downgraded 3M from a “buy” rating to a “hold” rating and set a $208.00 price target on the stock. in a research report on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $233.79.
In related news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
3M Company Profile
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.
Featured Story: Trading Strategy Methods and Types
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.