Price Capital Management Inc. purchased a new stake in shares of 3M Co (NYSE:MMM) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 600 shares of the conglomerate’s stock, valued at approximately $126,000.
Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Parnassus Investments CA acquired a new position in shares of 3M in the second quarter valued at approximately $706,178,000. Fundsmith Equity Fund L.P. acquired a new position in shares of 3M in the second quarter valued at approximately $668,488,000. Charles Schwab Investment Advisory Inc. acquired a new position in shares of 3M in the second quarter valued at approximately $213,286,000. Cornerstone Wealth Management LLC grew its holdings in shares of 3M by 21,835.8% in the second quarter. Cornerstone Wealth Management LLC now owns 831,148 shares of the conglomerate’s stock valued at $4,251,000 after purchasing an additional 827,359 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of 3M by 8.7% in the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after purchasing an additional 537,325 shares in the last quarter. Institutional investors and hedge funds own 67.66% of the company’s stock.
A number of brokerages recently weighed in on MMM. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. UBS Group lifted their price objective on shares of 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, August 30th. Deutsche Bank lifted their price target on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research note on Friday, September 28th. Morgan Stanley assumed coverage on shares of 3M in a research note on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target for the company. Finally, Barclays decreased their price target on shares of 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research note on Wednesday, July 25th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $225.23.
Shares of 3M stock opened at $193.25 on Tuesday. 3M Co has a 52-week low of $181.98 and a 52-week high of $259.77. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $112.27 billion, a P/E ratio of 21.07, a PEG ratio of 1.89 and a beta of 1.18.
3M (NYSE:MMM) last issued its quarterly 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 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 analysts’ expectations of $8.41 billion. During the same quarter in the prior year, the firm earned $2.33 EPS. The firm’s revenue was down .2% compared to the same quarter last year. On average, equities research analysts anticipate that 3M Co will post 10.02 EPS for the current fiscal year.
In other news, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were 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 owns 5,634 shares in the company, valued at approximately $1,216,944. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory R. Page acquired 1,000 shares of 3M stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $184.50 per share, with a total value of $184,500.00. Following the transaction, the director now directly owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by insiders.
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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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