Warren Averett Asset Management LLC purchased a new stake in 3M Company (NYSE:MMM) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 7,566 shares of the conglomerate’s stock, valued at approximately $1,448,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its stake in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after buying an additional 300,345 shares during the period. First Eagle Investment Management LLC boosted its stake in 3M by 3.9% in the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock valued at $844,511,000 after buying an additional 167,491 shares during the period. Ameriprise Financial Inc. boosted its stake in 3M by 0.3% in the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock valued at $626,792,000 after buying an additional 8,239 shares during the period. American Century Companies Inc. boosted its stake in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after buying an additional 852,262 shares during the period. Finally, Swiss National Bank boosted its stake in 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after buying an additional 447,900 shares during the period. Institutional investors own 65.80% of the company’s stock.
3M Company (NYSE MMM) opened at 205.98 on Friday. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. The stock’s 50 day moving average price is $207.94 and its 200-day moving average price is $196.43. The firm has a market capitalization of $122.92 billion, a price-to-earnings ratio of 23.49 and a beta of 1.08.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01. The business had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the company earned $2.08 EPS. Equities analysts anticipate that 3M Company will post $8.94 EPS for the current fiscal year.
TRADEMARK VIOLATION WARNING: “7,566 Shares in 3M Company (NYSE:MMM) Acquired by Warren Averett Asset Management LLC” was originally reported by Transcript Daily and is the property of of Transcript Daily. If you are reading this news story on another site, it was illegally stolen and republished in violation of United States and international trademark and copyright legislation. The original version of this news story can be read at https://transcriptdaily.com/2017/08/13/7566-shares-in-3m-company-nysemmm-acquired-by-warren-averett-asset-management-llc-updated.html.
MMM has been the topic of several research reports. Citigroup Inc. restated a “buy” rating and set a $229.00 price target (up from $220.00) on shares of 3M in a report on Saturday, June 3rd. BidaskClub cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Credit Suisse Group reiterated a “buy” rating on shares of 3M in a report on Thursday, April 27th. Morgan Stanley reiterated an “underweight” rating and issued a $191.00 target price (down from $193.00) on shares of 3M in a report on Monday, July 10th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $210.00 target price on shares of 3M in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $203.40.
In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the company’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $194.88, for a total value of $2,877,598.08. Following the completion of the transaction, the vice president now owns 24,480 shares of the company’s stock, valued at $4,770,662.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.58% of the company’s stock.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
Receive News & Ratings for 3M Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Company and related companies with MarketBeat.com's FREE daily email newsletter.