Heron Financial Group LLC Boosts Stake in 3M (NYSE:MMM)

Heron Financial Group LLC increased its stake in shares of 3M (NYSE:MMM) by 6.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,450 shares of the conglomerate’s stock after purchasing an additional 155 shares during the period. Heron Financial Group LLC’s holdings in 3M were worth $399,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Public Employees Retirement Association of Colorado lifted its holdings in 3M by 7.6% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 108,860 shares of the conglomerate’s stock worth $14,860,000 after buying an additional 7,708 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in 3M by 109.5% during the 1st quarter. Rafferty Asset Management LLC now owns 3,142 shares of the conglomerate’s stock worth $429,000 after buying an additional 1,642 shares in the last quarter. Balyasny Asset Management LLC acquired a new stake in 3M during the 1st quarter worth approximately $6,637,000. Venturi Wealth Management LLC lifted its holdings in 3M by 65.9% during the 1st quarter. Venturi Wealth Management LLC now owns 2,602 shares of the conglomerate’s stock worth $355,000 after buying an additional 1,034 shares in the last quarter. Finally, APG Asset Management N.V. lifted its holdings in 3M by 7.0% during the 1st quarter. APG Asset Management N.V. now owns 1,002,788 shares of the conglomerate’s stock worth $136,891,000 after buying an additional 65,483 shares in the last quarter. 64.57% of the stock is owned by hedge funds and other institutional investors.

In related news, SVP John Patrick Banovetz sold 2,228 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $164.81, for a total value of $367,196.68. Following the transaction, the senior vice president now directly owns 10,506 shares of the company’s stock, valued at approximately $1,731,493.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.42% of the company’s stock.

Shares of NYSE MMM traded up $1.89 during mid-day trading on Friday, reaching $170.97. The company had a trading volume of 2,478,787 shares, compared to its average volume of 3,569,208. The company has a current ratio of 1.94, a quick ratio of 1.36 and a debt-to-equity ratio of 1.77. The firm has a 50 day simple moving average of $164.90 and a two-hundred day simple moving average of $155.83. The stock has a market cap of $98.48 billion, a P/E ratio of 19.38, a PEG ratio of 2.14 and a beta of 0.97. 3M has a 52-week low of $114.04 and a 52-week high of $182.54.

3M (NYSE:MMM) last posted its earnings results on Tuesday, July 28th. The conglomerate reported $1.78 EPS for the quarter, beating the Zacks’ consensus estimate of $1.77 by $0.01. The firm had revenue of $7.18 billion for the quarter, compared to the consensus estimate of $7.29 billion. 3M had a net margin of 16.38% and a return on equity of 46.86%. The company’s revenue was down 12.2% on a year-over-year basis. During the same period last year, the firm posted $2.20 EPS. On average, equities analysts expect that 3M will post 8.37 EPS for the current year.

A number of equities research analysts have issued reports on the stock. Barclays increased their target price on shares of 3M from $156.00 to $157.00 and gave the stock an “underweight” rating in a report on Wednesday, July 29th. Credit Suisse Group increased their target price on shares of 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Royal Bank of Canada raised their price objective on shares of 3M from $158.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, July 29th. Morgan Stanley raised their price objective on shares of 3M from $166.00 to $173.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. raised their price objective on shares of 3M from $159.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, October 7th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $167.79.

3M Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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