QV Investors Inc. cut its holdings in 3M Co (NYSE:MMM) by 15.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,410 shares of the conglomerate’s stock after selling 8,420 shares during the period. QV Investors Inc.’s holdings in 3M were worth $7,301,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the company. 1 North Wealth Services LLC bought a new stake in 3M in the 3rd quarter valued at about $26,000. Leavell Investment Management Inc. increased its position in 3M by 1.7% in the 3rd quarter. Leavell Investment Management Inc. now owns 10,603 shares of the conglomerate’s stock valued at $1,743,000 after buying an additional 175 shares in the last quarter. CENTRAL TRUST Co increased its position in 3M by 4.3% in the 3rd quarter. CENTRAL TRUST Co now owns 69,835 shares of the conglomerate’s stock valued at $11,481,000 after buying an additional 2,852 shares in the last quarter. Brooks Moore & Associates Inc. increased its position in 3M by 11.8% in the 3rd quarter. Brooks Moore & Associates Inc. now owns 5,319 shares of the conglomerate’s stock valued at $874,000 after buying an additional 563 shares in the last quarter. Finally, Alera Investment Advisors LLC bought a new stake in 3M in the 3rd quarter valued at about $205,000. 66.78% of the stock is owned by hedge funds and other institutional investors.
In other news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.83% of the stock is currently owned by insiders.
MMM stock traded up $2.97 during mid-day trading on Monday, reaching $169.06. 3,095,206 shares of the company traded hands, compared to its average volume of 2,998,620. The stock has a market cap of $93.13 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 1.87 and a beta of 1.11. The company has a quick ratio of 1.34, a current ratio of 2.30 and a debt-to-equity ratio of 1.62. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75. The firm’s 50 day moving average price is $163.05 and its 200 day moving average price is $172.38.
3M (NYSE:MMM) last released its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.49 by $0.09. The business had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.58 EPS. On average, analysts anticipate that 3M Co will post 9.14 EPS for the current fiscal year.
A number of brokerages recently commented on MMM. Royal Bank of Canada decreased their target price on 3M from $165.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday. Wolfe Research set a $177.00 target price on 3M and gave the company a “sell” rating in a research report on Friday. UBS Group cut their price target on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Citigroup cut their price target on 3M from $197.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Finally, Barclays cut their price target on 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a research note on Thursday, October 3rd. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. 3M has an average rating of “Hold” and a consensus target price of $174.17.
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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