D Orazio & Associates Inc. grew its holdings in 3M Co (NYSE:MMM) by 22.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 598 shares of the conglomerate’s stock after buying an additional 109 shares during the period. D Orazio & Associates Inc.’s holdings in 3M were worth $98,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of MMM. Nuveen Asset Management LLC boosted its holdings in 3M by 1,337.4% in the second quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock worth $490,689,000 after acquiring an additional 2,633,848 shares in the last quarter. Thoroughbred Financial Services LLC boosted its holdings in 3M by 17,524.1% in the second quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock worth $168,081,000 after acquiring an additional 1,671,269 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in 3M by 351.5% in the second quarter. Point72 Asset Management L.P. now owns 540,727 shares of the conglomerate’s stock worth $93,730,000 after acquiring an additional 755,727 shares in the last quarter. BlackRock Inc. boosted its holdings in 3M by 1.2% in the second quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock worth $6,783,640,000 after acquiring an additional 472,084 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of 3M by 0.8% during the second quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock worth $8,613,040,000 after purchasing an additional 407,636 shares during the period. 66.69% of the stock is owned by institutional investors and hedge funds.
Shares of 3M stock traded up $1.29 on Thursday, reaching $175.29. 879,549 shares of the stock were exchanged, compared to its average volume of 2,994,618. The business has a 50 day moving average price of $163.57 and a two-hundred day moving average price of $169.61. The company has a quick ratio of 1.79, a current ratio of 2.30 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $100.58 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 2.02 and a beta of 1.10. 3M Co has a twelve month low of $150.58 and a twelve month high of $219.75.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.09. The company had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. 3M’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period last year, the business earned $2.58 earnings per share. Research analysts forecast that 3M Co will post 9.09 EPS for the current year.
MMM has been the subject of a number of research reports. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating and set a $166.00 target price for the company. in a report on Monday, October 14th. Credit Suisse Group lifted their target price on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Morgan Stanley decreased their target price on 3M from $173.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. 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 report on Friday, October 25th. Finally, UBS Group decreased their target price on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $174.08.
In related news, EVP Khandpur K. Ashish sold 3,362 shares of 3M stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $174.20, for a total transaction of $585,660.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Eric D. Hammes sold 1,341 shares of 3M stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $174.25, for a total value of $233,669.25. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by company insiders.
3M Company Profile
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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