Empirical Finance LLC grew its stake in shares of 3M Co (NYSE:MMM) by 14.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 3,821 shares of the conglomerate’s stock after acquiring an additional 471 shares during the period. Empirical Finance LLC’s holdings in 3M were worth $596,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the company. Capital Investment Advisors LLC lifted its position in shares of 3M by 9.7% during the 2nd quarter. Capital Investment Advisors LLC now owns 87,784 shares of the conglomerate’s stock valued at $13,693,000 after acquiring an additional 7,766 shares during the last quarter. Belpointe Asset Management LLC lifted its position in shares of 3M by 0.6% during the 2nd quarter. Belpointe Asset Management LLC now owns 11,245 shares of the conglomerate’s stock valued at $1,754,000 after acquiring an additional 65 shares during the last quarter. Valeo Financial Advisors LLC lifted its position in shares of 3M by 7.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 7,089 shares of the conglomerate’s stock valued at $1,106,000 after acquiring an additional 518 shares during the last quarter. Marino Stram & Associates LLC lifted its holdings in shares of 3M by 35.1% in the second quarter. Marino Stram & Associates LLC now owns 4,426 shares of the conglomerate’s stock valued at $690,000 after purchasing an additional 1,150 shares in the last quarter. Finally, Strategic Wealth Management Group LLC lifted its holdings in shares of 3M by 9.5% in the second quarter. Strategic Wealth Management Group LLC now owns 3,169 shares of the conglomerate’s stock valued at $494,000 after purchasing an additional 274 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.
Shares of NYSE:MMM opened at $156.37 on Tuesday. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 1.94. The firm has a market cap of $91.93 billion, a price-to-earnings ratio of 17.98, a P/E/G ratio of 2.09 and a beta of 0.99. 3M Co has a 1 year low of $114.04 and a 1 year high of $187.72. The business has a fifty day simple moving average of $157.66 and a 200 day simple moving average of $154.69.
3M (NYSE:MMM) last posted its earnings results on Tuesday, April 28th. The conglomerate reported $2.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.13. The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 15.37% and a return on equity of 50.24%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.23 earnings per share. On average, sell-side analysts forecast that 3M Co will post 8.05 EPS for the current year.
A number of research firms have recently issued reports on MMM. Langenberg & Company upgraded 3M to a “buy” rating and set a $180.00 target price for the company in a report on Thursday, April 9th. Goldman Sachs Group reduced their target price on 3M from $172.00 to $159.00 and set a “neutral” rating for the company in a report on Friday, March 27th. Gordon Haskett lowered 3M from a “hold” rating to an “underperform” rating in a report on Monday, March 30th. Citigroup increased their target price on 3M from $146.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Finally, Barclays reduced their target price on 3M from $159.00 to $156.00 and set an “underweight” rating for the company in a report on Tuesday, July 7th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $162.00.
In other 3M news, SVP Ty R. Silberhorn sold 14,623 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the transaction, the senior vice president now directly owns 16,571 shares of the company’s stock, valued at $2,426,988.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael F. Roman sold 7,894 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $148.70, for a total transaction of $1,173,837.80. Following the transaction, the chief executive officer now directly owns 57,868 shares in the company, valued at $8,604,971.60. The disclosure for this sale can be found here. Insiders have sold 40,184 shares of company stock worth $5,930,874 over the last three months. Company insiders own 0.42% of the company’s stock.
3M Company 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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