Asset Dedication LLC Grows Position in 3M Co (MMM)

Asset Dedication LLC increased its position in shares of 3M Co (NYSE:MMM) by 13.1% in the 4th quarter, Holdings Channel reports. The firm owned 8,543 shares of the conglomerate’s stock after purchasing an additional 988 shares during the quarter. Asset Dedication LLC’s holdings in 3M were worth $2,009,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in MMM. MPS Loria Financial Planners LLC acquired a new stake in 3M during the 2nd quarter worth approximately $124,000. Hoertkorn Richard Charles acquired a new stake in 3M during the 3rd quarter worth approximately $126,000. Sawyer & Company Inc acquired a new stake in 3M during the 4th quarter worth approximately $138,000. Harfst & Associates Inc. lifted its holdings in 3M by 17.0% during the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after purchasing an additional 100 shares during the last quarter. Finally, Mascoma Wealth Management LLC lifted its holdings in 3M by 87.5% during the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after purchasing an additional 350 shares during the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

In other news, CFO Nicholas C. Gangestad sold 4,004 shares of 3M stock in a transaction on Friday, October 27th. The stock was sold at an average price of $233.84, for a total value of $936,295.36. Following the transaction, the chief financial officer now owns 25,805 shares in the company, valued at approximately $6,034,241.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Ippocratis Vrohidis sold 1,725 shares of 3M stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $230.34, for a total value of $397,336.50. Following the completion of the transaction, the chief accounting officer now owns 898 shares in the company, valued at approximately $206,845.32. The disclosure for this sale can be found here. Insiders sold a total of 22,804 shares of company stock valued at $5,303,706 over the last ninety days. Insiders own 0.58% of the company’s stock.

3M Co (MMM) opened at $248.11 on Thursday. The firm has a market capitalization of $147,780.00, a price-to-earnings ratio of 27.69, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89. 3M Co has a fifty-two week low of $173.55 and a fifty-two week high of $248.53.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.21 by $0.12. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a return on equity of 48.55% and a net margin of 17.71%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.15 EPS. equities research analysts anticipate that 3M Co will post 9.1 earnings per share for the current fiscal year.

Several analysts recently weighed in on MMM shares. ValuEngine cut 3M from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Citigroup reissued a “buy” rating and set a $250.00 price target (up from $228.00) on shares of 3M in a report on Monday, October 9th. Royal Bank of Canada lifted their price target on 3M from $205.00 to $209.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 25th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $237.00 price objective (up from $229.00) on shares of 3M in a report on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $233.68.

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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, , 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.

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

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