Welch & Forbes LLC lessened its stake in 3M Co (NYSE:MMM) by 0.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 193,708 shares of the conglomerate’s stock after selling 1,554 shares during the quarter. Welch & Forbes LLC’s holdings in 3M were worth $34,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Kanawha Capital Management LLC raised its stake in 3M by 1.4% in the second quarter. Kanawha Capital Management LLC now owns 62,713 shares of the conglomerate’s stock valued at $10,871,000 after buying an additional 837 shares during the last quarter. Schroder Investment Management Group boosted its holdings in 3M by 3.7% during the second quarter. Schroder Investment Management Group now owns 820,263 shares of the conglomerate’s stock valued at $142,184,000 after acquiring an additional 28,897 shares during the period. ETRADE Capital Management LLC boosted its holdings in 3M by 8.9% during the second quarter. ETRADE Capital Management LLC now owns 1,844 shares of the conglomerate’s stock valued at $320,000 after acquiring an additional 151 shares during the period. A.R.T. Advisors LLC bought a new stake in 3M during the second quarter valued at about $1,369,000. Finally, Putnam Investments LLC boosted its holdings in 3M by 410.3% during the second quarter. Putnam Investments LLC now owns 27,241 shares of the conglomerate’s stock valued at $4,722,000 after acquiring an additional 21,903 shares during the period. 66.53% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE MMM traded up $0.47 during mid-day trading on Friday, hitting $181.48. The company had a trading volume of 1,099,024 shares, compared to its average volume of 2,484,776. The company has a debt-to-equity ratio of 1.68, a current ratio of 2.30 and a quick ratio of 1.79. The business’s 50-day simple moving average is $174.34 and its 200-day simple moving average is $168.51. 3M Co has a 12 month low of $150.58 and a 12 month high of $219.75. The firm has a market cap of $104.30 billion, a P/E ratio of 17.35, a PEG ratio of 1.99 and a beta of 1.10.
3M (NYSE:MMM) last released its earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.09. The business had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $8.20 billion. 3M had a net margin of 15.48% and a return on equity of 54.02%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the company earned $2.58 earnings per share. As a group, sell-side analysts predict that 3M Co will post 9.04 EPS for the current year.
A number of equities research analysts have issued reports on the stock. Wolfe Research upgraded shares of 3M from an “underperform” rating to a “peer perform” rating in a report on Thursday, January 9th. JPMorgan Chase & Co. upgraded shares of 3M from an “underweight” rating to a “neutral” rating and upped their price target for the company from $143.00 to $150.00 in a report on Monday, December 23rd. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $179.00 price target for the company in a report on Tuesday, December 10th. Citigroup cut shares of 3M from a “buy” rating to a “neutral” rating and set a $180.00 price target for the company. in a report on Monday, December 9th. Finally, Barclays decreased their price target on shares of 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $174.08.
In other news, EVP Julie L. Bushman sold 6,879 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $165.09, for a total transaction of $1,135,654.11. Also, SVP Eric D. Hammes sold 1,341 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total transaction of $233,669.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,216 shares of company stock valued at $2,233,940. Company insiders own 0.83% of the company’s stock.
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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