Oppenheimer & Co. Inc. grew its stake in shares of 3M Co (NYSE:MMM) by 3.8% in the third quarter, HoldingsChannel reports. The firm owned 43,607 shares of the conglomerate’s stock after purchasing an additional 1,613 shares during the period. Oppenheimer & Co. Inc.’s holdings in 3M were worth $9,189,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. K.J. Harrison & Partners Inc boosted its stake in shares of 3M by 111.7% in the 3rd quarter. K.J. Harrison & Partners Inc now owns 10,425 shares of the conglomerate’s stock worth $2,197,000 after buying an additional 5,500 shares during the last quarter. Northstar Group Inc. boosted its stake in shares of 3M by 16.5% in the 3rd quarter. Northstar Group Inc. now owns 10,306 shares of the conglomerate’s stock worth $2,172,000 after buying an additional 1,460 shares during the last quarter. Congress Asset Management Co. MA boosted its stake in shares of 3M by 2.1% in the 3rd quarter. Congress Asset Management Co. MA now owns 29,716 shares of the conglomerate’s stock worth $6,261,000 after buying an additional 609 shares during the last quarter. Westwood Management Corp IL purchased a new position in shares of 3M in the 3rd quarter worth approximately $211,000. Finally, First National Bank of Hutchinson purchased a new position in shares of 3M in the 3rd quarter worth approximately $211,000. 67.19% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the transaction, the insider now owns 5,634 shares in the company, valued at $1,216,944. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Gregory R. Page acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The stock was purchased at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the purchase, the director now owns 1,500 shares of the company’s stock, valued at approximately $276,750. The disclosure for this purchase can be found here. 0.58% of the stock is currently owned by corporate insiders.
3M stock opened at $192.81 on Friday. 3M Co has a 12 month low of $181.98 and a 12 month high of $259.77. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $112.27 billion, a P/E ratio of 19.73, a PEG ratio of 1.89 and a beta of 1.18.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The firm had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same quarter in the previous year, the company posted $2.33 EPS. 3M’s revenue for the quarter was down .2% on a year-over-year basis. On average, analysts predict that 3M Co will post 10.02 earnings per share for the current year.
A number of brokerages have recently weighed in on MMM. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Argus cut their target price on 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Barclays cut their target price on 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 24th. Citigroup cut their target price on 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Finally, Morgan Stanley set a $198.00 target price on 3M and gave the stock a “hold” rating in a research note on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. 3M currently has an average rating of “Hold” and a consensus price target of $225.23.
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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