Ballentine Partners LLC lifted its position in 3M Co (NYSE:MMM) by 5.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,453 shares of the conglomerate’s stock after buying an additional 352 shares during the quarter. Ballentine Partners LLC’s holdings in 3M were worth $1,359,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in MMM. Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of 3M by 498.7% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 898 shares of the conglomerate’s stock worth $189,000 after buying an additional 748 shares during the last quarter. Greenleaf Trust lifted its holdings in shares of 3M by 2.3% during the third quarter. Greenleaf Trust now owns 46,861 shares of the conglomerate’s stock worth $9,874,000 after buying an additional 1,043 shares during the last quarter. GWM Advisors LLC lifted its holdings in shares of 3M by 35.8% during the third quarter. GWM Advisors LLC now owns 29,840 shares of the conglomerate’s stock worth $6,288,000 after buying an additional 7,868 shares during the last quarter. Alley Co LLC lifted its holdings in shares of 3M by 3.7% during the third quarter. Alley Co LLC now owns 24,468 shares of the conglomerate’s stock worth $5,156,000 after buying an additional 868 shares during the last quarter. Finally, Price Capital Management Inc. acquired a new position in shares of 3M during the third quarter worth approximately $126,000. 67.66% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE MMM opened at $193.25 on Tuesday. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. The firm has a market capitalization of $112.27 billion, a P/E ratio of 21.07, a PEG ratio of 1.89 and a beta of 1.18. 3M Co has a one year low of $181.98 and a one year high of $259.77.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.33 earnings per share. Equities analysts anticipate that 3M Co will post 10.02 EPS for the current year.
MMM has been the subject of a number of research analyst reports. Credit Suisse Group initiated coverage on 3M in a report on Friday, October 12th. They set an “outperform” rating and a $228.00 price target for the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Monday, October 29th. Barclays cut their price target on 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a report on Wednesday, October 24th. MED lowered 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. Finally, Citigroup cut their price target on 3M from $251.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $225.23.
In related news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 5,634 shares in the company, valued at $1,216,944. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The stock was purchased at an average price of $184.50 per share, with a total value of $184,500.00. Following the completion of the purchase, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.
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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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