Good Life Advisors LLC purchased a new stake in shares of 3M Co (NYSE:MMM) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,678 shares of the conglomerate’s stock, valued at approximately $260,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in MMM. Norges Bank bought a new position in 3M during the 4th quarter valued at approximately $877,754,000. Advisor Group Holdings Inc. bought a new position in 3M during the 1st quarter valued at approximately $36,671,000. Flossbach Von Storch AG raised its position in 3M by 33.4% during the 1st quarter. Flossbach Von Storch AG now owns 7,767,020 shares of the conglomerate’s stock valued at $1,060,276,000 after purchasing an additional 1,944,377 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in 3M by 3,725.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,450,861 shares of the conglomerate’s stock valued at $255,131,000 after purchasing an additional 1,412,934 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in 3M by 58.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,663,207 shares of the conglomerate’s stock valued at $469,843,000 after purchasing an additional 977,188 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Michael G. Vale sold 14,062 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $148.34, for a total transaction of $2,085,957.08. Following the transaction, the executive vice president now directly owns 46,900 shares of the company’s stock, valued at approximately $6,957,146. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Khandpur K. Ashish sold 3,605 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $146.85, for a total value of $529,394.25. Following the transaction, the executive vice president now directly owns 19,193 shares in the company, valued at $2,818,492.05. The disclosure for this sale can be found here. Insiders have sold a total of 40,184 shares of company stock worth $5,930,874 over the last three months. Insiders own 0.42% of the company’s stock.
A number of research analysts have commented on the company. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $133.00 price target for the company in a research report on Thursday, April 30th. Morgan Stanley upped their target price on 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Citigroup upped their target price on 3M from $146.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, April 29th. Credit Suisse Group upped their target price on 3M from $165.00 to $180.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Finally, Royal Bank of Canada upped their target price on 3M from $143.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 29th. Three investment 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’s stock. The company currently has an average rating of “Hold” and an average price target of $162.00.
Shares of MMM opened at $156.37 on Tuesday. The business’s fifty day simple moving average is $157.66 and its two-hundred day simple moving average is $154.69. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 1.94. 3M Co has a 12 month low of $114.04 and a 12 month high of $187.72. The company 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 (NYSE:MMM) last issued its earnings results on Tuesday, April 28th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.03 by $0.13. 3M had a return on equity of 50.24% and a net margin of 15.37%. The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period last year, the business posted $2.23 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. As a group, research analysts forecast that 3M Co will post 8.05 EPS for the current year.
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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