WealthTrust Fairport LLC reduced its position in shares of 3M Co (NYSE:MMM) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 39,621 shares of the conglomerate’s stock after selling 99 shares during the quarter. WealthTrust Fairport LLC’s holdings in 3M were worth $7,549,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Capital Financial Planning LLC purchased a new stake in shares of 3M during the 4th quarter worth approximately $34,000. Penserra Capital Management LLC bought a new position in shares of 3M during the 4th quarter valued at approximately $35,000. Lake Point Wealth Management bought a new position in shares of 3M during the 4th quarter valued at approximately $37,000. Intercontinental Wealth Advisors LLC bought a new position in shares of 3M during the 4th quarter valued at approximately $38,000. Finally, Essex Investment Management Co. LLC bought a new position in shares of 3M during the 4th quarter valued at approximately $39,000. 67.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE MMM opened at $191.67 on Monday. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.02 and a quick ratio of 1.29. The firm has a market cap of $110.36 billion, a P/E ratio of 18.32, a P/E/G ratio of 1.98 and a beta of 1.05. 3M Co has a 1-year low of $176.87 and a 1-year high of $219.75.
3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, April 25th. The conglomerate reported $2.23 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). The company had revenue of $7.86 billion for the quarter, compared to analysts’ expectations of $8.02 billion. 3M had a return on equity of 57.42% and a net margin of 17.43%. The company’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.50 earnings per share. As a group, equities analysts forecast that 3M Co will post 9.34 EPS for the current fiscal year.
In other 3M news, insider James L. Bauman sold 16,065 shares of the stock in a transaction dated Monday, February 11th. The stock was sold at an average price of $200.24, for a total value of $3,216,855.60. Following the completion of the sale, the insider now directly owns 40,468 shares in the company, valued at $8,103,312.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Nicholas C. Gangestad sold 4,681 shares of the stock in a transaction dated Thursday, February 7th. The shares were sold at an average price of $201.34, for a total value of $942,472.54. Following the completion of the sale, the chief financial officer now owns 33,691 shares of the company’s stock, valued at $6,783,345.94. The disclosure for this sale can be found here. Insiders have sold a total of 77,414 shares of company stock valued at $15,553,682 over the last 90 days. 0.83% of the stock is currently owned by company insiders.
MMM has been the topic of several analyst reports. Zacks Investment Research reissued a “hold” rating on shares of 3M in a research report on Monday, December 31st. Credit Suisse Group reiterated an “outperform” rating and issued a $220.00 target price (down from $230.00) on shares of 3M in a report on Thursday, January 3rd. Barclays lowered their target price on 3M from $190.00 to $189.00 and set an “underweight” rating for the company in a report on Thursday, January 3rd. reiterated a “sell” rating on shares of 3M in a report on Tuesday, February 12th. Finally, Morgan Stanley lowered their target price on 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a report on Friday, March 22nd. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $198.42.
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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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