Oakbrook Investments LLC decreased its holdings in 3M Co (NYSE:MMM) by 16.7% in the third quarter, HoldingsChannel.com reports. The fund owned 125,194 shares of the conglomerate’s stock after selling 25,178 shares during the quarter. 3M comprises 1.5% of Oakbrook Investments LLC’s portfolio, making the stock its 18th biggest holding. Oakbrook Investments LLC’s holdings in 3M were worth $26,380,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rainier Group Investment Advisory LLC bought a new position in shares of 3M in the first quarter worth about $114,000. SRS Capital Advisors Inc. boosted its stake in shares of 3M by 1,652.8% in the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after acquiring an additional 595 shares during the period. Braun Bostich & Associates Inc. boosted its stake in shares of 3M by 221.7% in the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 481 shares during the period. Avestar Capital LLC boosted its stake in shares of 3M by 161.2% in the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after acquiring an additional 432 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in shares of 3M in the second quarter worth about $149,000. 67.05% of the stock is owned by hedge funds and other institutional investors.
In other 3M news, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $203.01, for a total transaction of $1,301,294.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the sale, the insider now owns 5,634 shares in the company, valued at $1,216,944. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
Shares of MMM stock opened at $199.85 on Friday. 3M Co has a 1 year low of $190.57 and a 1 year high of $259.77. The company has a current ratio of 1.56, a quick ratio of 1.08 and a debt-to-equity ratio of 1.08. The company has a market cap of $117.23 billion, a price-to-earnings ratio of 20.99, a P/E/G ratio of 1.91 and a beta of 1.15.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.01. 3M had a return on equity of 51.31% and a net margin of 13.44%. The business had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.36 billion. During the same period in the prior year, the business posted $2.58 earnings per share. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, equities research analysts anticipate that 3M Co will post 10.27 earnings per share for the current fiscal year.
A number of equities research analysts recently commented on the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. Barclays decreased their target price on 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 25th. Deutsche Bank boosted their target price on 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research report on Friday, September 28th. Gordon Haskett assumed coverage on 3M in a research report on Friday, October 12th. They issued a “buy” rating on the stock. Finally, UBS Group boosted their target price on 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. 3M presently has a consensus rating of “Hold” and an average price target of $233.79.
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.
Read More: How Short Selling Works
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).
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.