OLD Point Trust & Financial Services N A lowered its stake in 3M Co (NYSE:MMM) by 5.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,845 shares of the conglomerate’s stock after selling 349 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in 3M were worth $1,283,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of MMM. Parnassus Investments CA acquired a new stake in 3M in the second quarter worth about $706,178,000. Fundsmith Equity Fund L.P. acquired a new stake in 3M in the 2nd quarter valued at about $668,488,000. Charles Schwab Investment Advisory Inc. acquired a new stake in 3M in the 2nd quarter valued at about $213,286,000. Cornerstone Wealth Management LLC lifted its holdings in 3M by 21,835.8% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 831,148 shares of the conglomerate’s stock valued at $4,251,000 after acquiring an additional 827,359 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in 3M by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after acquiring an additional 537,325 shares during the last quarter. 67.19% of the stock is owned by institutional investors and hedge funds.
NYSE MMM opened at $192.22 on Friday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97. The stock has a market cap of $110.52 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 1.86 and a beta of 1.15. 3M Co has a 1 year low of $181.98 and a 1 year high of $259.77.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). The company had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. 3M’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.33 EPS. On average, sell-side analysts expect that 3M Co will post 10.02 earnings per share for the current year.
A number of brokerages have weighed in on MMM. Morgan Stanley began coverage on shares of 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target for the company. MED downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $208.00 price target for the company. in a report on Thursday, July 12th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Monday, September 3rd. Deutsche Bank reissued a “hold” rating and issued a $208.00 price target on shares of 3M in a report on Thursday, July 12th. Finally, Barclays cut their price target on shares of 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a report on Wednesday, October 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. 3M has an average rating of “Hold” and a consensus target price of $225.23.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jon T. Lindekugel sold 6,410 shares of the business’s stock in a transaction dated 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. 0.58% of the stock is currently owned by insiders.
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.
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