7,566 Shares in 3M Company (NYSE:MMM) Acquired by Warren Averett Asset Management LLC

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.

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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.

About 3M

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.

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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