Grimes & Company Inc. cut its holdings in 3M Co (NYSE:MMM) by 0.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 13,086 shares of the conglomerate’s stock after selling 62 shares during the quarter. Grimes & Company Inc.’s holdings in 3M were worth $2,151,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of MMM. Vanguard Group Inc. boosted its position in 3M by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock worth $8,613,040,000 after acquiring an additional 407,636 shares during the last quarter. BlackRock Inc. raised its stake in shares of 3M by 1.2% during the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock worth $6,783,640,000 after purchasing an additional 472,084 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of 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 worth $927,238,000 after purchasing an additional 72,266 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of 3M by 4.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,440,014 shares of the conglomerate’s stock worth $769,633,000 after purchasing an additional 173,877 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in shares of 3M by 1,337.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock worth $490,689,000 after purchasing an additional 2,633,848 shares in the last quarter. Institutional investors and hedge funds own 66.69% of the company’s stock.
MMM traded down $3.13 during trading hours on Monday, reaching $170.02. The company’s stock had a trading volume of 114,900 shares, compared to its average volume of 2,790,791. 3M Co has a 52 week low of $150.58 and a 52 week high of $219.75. The company’s 50-day moving average is $163.83 and its 200-day moving average is $169.15. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.79 and a current ratio of 2.30. The firm has a market cap of $100.79 billion, a PE ratio of 16.25, a price-to-earnings-growth ratio of 2.03 and a beta of 1.10.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.09. 3M had a return on equity of 54.02% and a net margin of 15.48%. The business had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter in the prior year, the business earned $2.58 EPS. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. Equities analysts anticipate that 3M Co will post 9.09 earnings per share for the current fiscal year.
In other 3M news, EVP Khandpur K. Ashish sold 3,362 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $174.20, for a total value of $585,660.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Eric D. Hammes sold 1,341 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $174.25, for a total value of $233,669.25. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by corporate insiders.
MMM has been the topic of a number of analyst reports. Morgan Stanley dropped their price objective on 3M from $173.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Barclays dropped their price objective on 3M from $158.00 to $157.00 and set an “underweight” rating on the stock in a research note on Monday, October 28th. Credit Suisse Group upped their price objective on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating and set a $166.00 price target on the stock. in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. increased their price target on 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research note on Thursday, October 10th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $174.08.
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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