Strategic Financial Group LLC boosted its stake in 3M Co (NYSE:MMM) by 29.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,742 shares of the conglomerate’s stock after purchasing an additional 631 shares during the quarter. Strategic Financial Group LLC’s holdings in 3M were worth $578,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. Private Capital Group LLC grew its stake in 3M by 54.0% in the third quarter. Private Capital Group LLC now owns 2,228 shares of the conglomerate’s stock valued at $469,000 after acquiring an additional 781 shares during the period. Glynn Capital Management LLC acquired a new position in 3M in the third quarter valued at about $843,000. Financial Advantage Inc. grew its stake in 3M by 1.5% in the third quarter. Financial Advantage Inc. now owns 22,617 shares of the conglomerate’s stock valued at $4,766,000 after acquiring an additional 344 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in 3M by 3.8% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 44,512 shares of the conglomerate’s stock valued at $9,379,000 after acquiring an additional 1,623 shares during the period. Finally, Vantage Investment Partners LLC boosted its position in shares of 3M by 3.1% during the third quarter. Vantage Investment Partners LLC now owns 45,019 shares of the conglomerate’s stock worth $9,486,000 after buying an additional 1,357 shares during the period. Institutional investors and hedge funds own 67.66% of the company’s stock.
MMM opened at $201.10 on Friday. 3M Co has a 52-week low of $181.98 and a 52-week high of $259.77. The stock has a market cap of $117.21 billion, a P/E ratio of 21.93, a P/E/G ratio of 1.98 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The company had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. During the same quarter in the previous year, the company posted $2.33 EPS. The business’s revenue was down .2% on a year-over-year basis. Equities research analysts predict that 3M Co will post 10.02 EPS for the current year.
Several research analysts have recently weighed in on the company. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Monday, October 29th. Argus reduced their price objective on 3M from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Barclays reduced their price objective on 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research report on Wednesday, October 24th. Citigroup reduced their price objective on 3M from $251.00 to $228.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Finally, Morgan Stanley set a $198.00 price objective on 3M and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and an average price target of $225.23.
In related news, Director Gregory R. Page bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The shares were acquired at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the acquisition, the director now owns 1,500 shares of the company’s stock, valued at approximately $276,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
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3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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