Rossmore Private Capital purchased a new position in shares of 3M Co (NYSE:MMM) during the third quarter, Holdings Channel reports. The firm purchased 7,091 shares of the conglomerate’s stock, valued at approximately $1,494,000.
A number of other hedge funds have also recently modified their holdings of MMM. SRS Capital Advisors Inc. raised its stake in shares of 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 period. Avestar Capital LLC raised its stake in shares of 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 period. Braun Bostich & Associates Inc. raised its stake in shares of 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 period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of 3M in the 2nd quarter valued at approximately $149,000. Finally, Reilly Financial Advisors LLC raised its stake in shares of 3M by 97.8% in the 3rd quarter. Reilly Financial Advisors LLC now owns 825 shares of the conglomerate’s stock valued at $174,000 after acquiring an additional 408 shares during the period. 67.19% of the stock is currently owned by institutional investors.
Shares of MMM opened at $192.22 on Friday. 3M Co has a fifty-two week low of $181.98 and a fifty-two week high of $259.77. The company has a market cap of $110.52 billion, a P/E ratio of 20.96, a price-to-earnings-growth ratio of 1.86 and a beta of 1.15. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The business had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.41 billion. During the same period in the previous year, the company earned $2.33 earnings per share. 3M’s quarterly revenue was down .2% on a year-over-year basis. On average, research analysts forecast that 3M Co will post 10.02 earnings per share for the current fiscal year.
In other news, Director Gregory R. Page purchased 1,000 shares of the stock in a transaction on Friday, October 26th. The stock was bought at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of the business’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 disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
MMM has been the topic of a number of research analyst reports. Credit Suisse Group initiated coverage on shares of 3M in a research note on Friday, October 12th. They issued an “outperform” rating and a $228.00 price target on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Monday. Barclays cut their target price on shares of 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 24th. MED downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $208.00 target price on the stock. in a research note on Thursday, July 12th. Finally, Citigroup cut their target price on shares of 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $225.23.
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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