Oppenheimer Asset Management Inc. reduced its stake in shares of 3M Co (NYSE:MMM) by 0.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,066 shares of the conglomerate’s stock after selling 464 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in 3M were worth $14,343,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in MMM. SRS Capital Advisors Inc. increased its holdings 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 buying an additional 595 shares during the period. Braun Bostich & Associates Inc. increased its holdings 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 buying an additional 481 shares during the period. Avestar Capital LLC increased its holdings 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 buying an additional 432 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in 3M in the 2nd quarter valued at $149,000. Finally, Reilly Financial Advisors LLC increased its holdings in 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 buying an additional 408 shares during the period. Hedge funds and other institutional investors own 67.19% of the company’s stock.
MMM opened at $192.81 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. 3M Co has a twelve month low of $181.98 and a twelve month high of $259.77. The stock has a market capitalization of $112.27 billion, a PE ratio of 19.73, a PEG ratio of 1.89 and a beta of 1.18.
3M (NYSE:MMM) last posted its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. During the same period in the previous year, the company posted $2.33 EPS. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. Analysts expect that 3M Co will post 10.02 earnings per share for the current year.
In other news, Director Gregory R. Page bought 1,000 shares of the stock in a transaction dated Friday, October 26th. The shares were acquired at an average price of $184.50 per share, with a total value of $184,500.00. Following the acquisition, the director now owns 1,500 shares in the company, valued at $276,750. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric D. Hammes sold 1,272 shares of the company’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 completion of the sale, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
MMM has been the topic of several analyst reports. Deutsche Bank boosted their price target on shares of 3M from $210.00 to $220.00 and gave the company a “hold” rating in a report on Friday, September 28th. Credit Suisse Group initiated coverage on shares of 3M in a report 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 report on Friday, October 5th. Barclays lowered their price target on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a report on Wednesday, July 25th. Finally, Gordon Haskett initiated coverage on shares of 3M in a report on Friday, October 12th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target 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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