First Quadrant L P CA Buys New Position in 3M Co (NYSE:MMM)

First Quadrant L P CA bought a new stake in 3M Co (NYSE:MMM) in the second quarter, HoldingsChannel reports. The fund bought 1,619 shares of the conglomerate’s stock, valued at approximately $253,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tsfg LLC lifted its holdings in shares of 3M by 52.7% in the 1st quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock valued at $27,000 after buying an additional 69 shares during the period. PARK CIRCLE Co purchased a new position in 3M in the 1st quarter valued at approximately $27,000. Cascade Investment Advisors Inc. purchased a new position in 3M during the first quarter worth $28,000. Stonebridge Financial Planning Group LLC boosted its holdings in shares of 3M by 211.3% during the first quarter. Stonebridge Financial Planning Group LLC now owns 221 shares of the conglomerate’s stock worth $33,000 after purchasing an additional 150 shares during the last quarter. Finally, Evolution Wealth Advisors LLC boosted its holdings in shares of 3M by 41.1% during the second quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock worth $39,000 after purchasing an additional 72 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

NYSE MMM opened at $150.47 on Friday. The stock has a market capitalization of $86.67 billion, a P/E ratio of 17.77, a P/E/G ratio of 1.94 and a beta of 0.99. 3M Co has a 1 year low of $114.04 and a 1 year high of $182.54. The business’s fifty day moving average is $156.57 and its two-hundred day moving average is $153.55. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.19 and a current ratio of 1.94.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.01. The company had revenue of $7.18 billion for the quarter, compared to analysts’ expectations of $7.29 billion. 3M had a return on equity of 46.86% and a net margin of 16.38%. The firm’s revenue was down 12.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.20 earnings per share. On average, research analysts forecast that 3M Co will post 8.17 earnings per share for the current year.

In other 3M news, EVP Khandpur K. Ashish sold 3,605 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $146.85, for a total transaction of $529,394.25. Following the sale, the executive vice president now directly owns 19,193 shares of the company’s stock, valued at approximately $2,818,492.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael G. Vale sold 14,062 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $148.34, for a total transaction of $2,085,957.08. Following the sale, the executive vice president now directly owns 46,900 shares in the company, valued at $6,957,146. The disclosure for this sale can be found here. Insiders sold 32,290 shares of company stock worth $4,757,036 in the last ninety days. 0.42% of the stock is owned by corporate insiders.

MMM has been the subject of several research analyst reports. Langenberg & Company raised 3M to a “buy” rating and set a $180.00 price objective for the company in a report on Thursday, April 9th. Credit Suisse Group reduced their price objective on 3M from $180.00 to $179.00 and set an “outperform” rating for the company in a research report on Wednesday. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $133.00 target price for the company in a research report on Thursday, April 30th. Bank of America upped their target price on 3M from $165.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Finally, Deutsche Bank upped their target price on 3M from $158.00 to $163.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. 3M presently has an average rating of “Hold” and a consensus price target of $164.15.

About 3M

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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