Parallel Advisors LLC Increases Stake in 3M Co (NYSE:MMM)

Parallel Advisors LLC increased its holdings in 3M Co (NYSE:MMM) by 3.6% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,004 shares of the conglomerate’s stock after purchasing an additional 103 shares during the period. Parallel Advisors LLC’s holdings in 3M were worth $494,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in 3M by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock valued at $8,613,040,000 after buying an additional 407,636 shares during the last quarter. BlackRock Inc. raised its holdings in 3M by 1.2% during the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock valued at $6,783,640,000 after buying an additional 472,084 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in 3M by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,349,242 shares of the conglomerate’s stock valued at $927,238,000 after buying an additional 72,266 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in 3M by 4.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,440,014 shares of the conglomerate’s stock valued at $769,633,000 after buying an additional 173,877 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in 3M by 1,337.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock valued at $490,689,000 after buying an additional 2,633,848 shares during the last quarter. 66.69% of the stock is owned by institutional investors.

In related news, SVP Eric D. Hammes sold 1,341 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $174.25, for a total transaction of $233,669.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Khandpur K. Ashish sold 3,362 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $174.20, for a total transaction of $585,660.40. The disclosure for this sale can be found here. 0.83% of the stock is owned by corporate insiders.

A number of research firms recently commented on MMM. Royal Bank of Canada lowered their price target on shares of 3M from $165.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Wolfe Research set a $177.00 price objective on shares of 3M and gave the stock a “sell” rating in a report on Friday, October 25th. UBS Group decreased their price objective on shares of 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Credit Suisse Group upped their price objective on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Finally, Citigroup decreased their price objective on shares of 3M from $197.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $174.08.

Shares of NYSE:MMM traded down $1.67 during midday trading on Friday, reaching $172.85. The company’s stock had a trading volume of 60,503 shares, compared to its average volume of 2,968,736. The firm has a 50 day moving average of $163.74 and a 200-day moving average of $169.38. The firm has a market capitalization of $100.79 billion, a P/E ratio of 16.54, a PEG ratio of 2.03 and a beta of 1.10. The company has a quick ratio of 1.79, a current ratio of 2.30 and a debt-to-equity ratio of 1.68. 3M Co has a 12-month low of $150.58 and a 12-month high of $219.75.

3M (NYSE:MMM) last released its earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.49 by $0.09. The firm had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $8.20 billion. 3M had a net margin of 15.48% and a return on equity of 54.02%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.58 EPS. On average, research analysts predict that 3M Co will post 9.09 EPS for the current year.

3M Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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