Public Employees Retirement Association of Colorado trimmed its position in 3M Co (NYSE:MMM) by 0.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 104,801 shares of the conglomerate’s stock after selling 363 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in 3M were worth $22,083,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its holdings in 3M by 117.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 101,859 shares of the conglomerate’s stock worth $21,463,000 after purchasing an additional 55,100 shares in the last quarter. CWM LLC increased its holdings in 3M by 452.5% during the 3rd quarter. CWM LLC now owns 4,144 shares of the conglomerate’s stock worth $873,000 after purchasing an additional 3,394 shares in the last quarter. Conning Inc. boosted its stake in shares of 3M by 1.7% in the 3rd quarter. Conning Inc. now owns 193,407 shares of the conglomerate’s stock worth $40,753,000 after buying an additional 3,233 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of 3M by 3.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 43,607 shares of the conglomerate’s stock worth $9,189,000 after buying an additional 1,613 shares during the last quarter. Finally, 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. 67.66% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently weighed in on MMM shares. Credit Suisse Group started coverage on 3M in a research note on Friday, October 12th. They issued an “outperform” rating and a $228.00 target price on the stock. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. 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. MED downgraded 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 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. 3M currently has an average rating of “Hold” and a consensus price target of $225.23.
In other news, Director Gregory R. Page purchased 1,000 shares of the firm’s stock in a transaction dated Friday, October 26th. The shares were purchased at an average price of $184.50 per share, with a total value of $184,500.00. Following the completion of the acquisition, the director now owns 1,500 shares in the company, valued at approximately $276,750. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction 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 0.72% of the company’s stock.
3M stock opened at $192.81 on Monday. 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 21.03, a PEG ratio of 1.89 and a beta of 1.18.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. During the same period in the previous year, the firm earned $2.33 EPS. The company’s revenue was down .2% compared to the same quarter last year. On average, analysts predict that 3M Co will post 10.02 earnings per share for the current year.
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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