Fluent Financial LLC Has $5.67 Million Stock Holdings in 3M (NYSE:MMM)

Fluent Financial LLC lifted its position in shares of 3M (NYSE:MMM) by 1.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 35,407 shares of the conglomerate’s stock after acquiring an additional 447 shares during the period. 3M accounts for 3.4% of Fluent Financial LLC’s portfolio, making the stock its 6th biggest holding. Fluent Financial LLC’s holdings in 3M were worth $5,671,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Evolution Wealth Advisors LLC grew its position in 3M by 41.1% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock valued at $39,000 after buying an additional 72 shares in the last quarter. Blue Square Asset Management LLC bought a new position in 3M in the 2nd quarter valued at about $43,000. Weaver Consulting Group grew its position in 3M by 51.3% in the 2nd quarter. Weaver Consulting Group now owns 292 shares of the conglomerate’s stock valued at $46,000 after buying an additional 99 shares in the last quarter. Prestige Wealth Management Group LLC grew its position in 3M by 50.8% in the 1st quarter. Prestige Wealth Management Group LLC now owns 356 shares of the conglomerate’s stock valued at $49,000 after buying an additional 120 shares in the last quarter. Finally, Islay Capital Management LLC grew its position in 3M by 250.0% in the 2nd quarter. Islay Capital Management LLC now owns 350 shares of the conglomerate’s stock valued at $55,000 after buying an additional 250 shares in the last quarter. Institutional investors and hedge funds own 64.57% of the company’s stock.

A number of brokerages recently issued reports on MMM. Morgan Stanley increased their target price on shares of 3M from $166.00 to $173.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 13th. Gordon Haskett upgraded shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 price objective for the company in a research report on Wednesday, October 7th. Barclays raised their price objective on shares of 3M from $156.00 to $157.00 and gave the company an “underweight” rating in a research report on Wednesday, July 29th. 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 research report on Wednesday, July 29th. Finally, Credit Suisse Group raised their price objective on shares of 3M from $179.00 to $197.00 and gave the company an “outperform” rating in a research report on Wednesday, September 16th. 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 company has an average rating of “Hold” and an average target price of $167.79.

MMM stock traded up $1.89 during midday trading on Friday, hitting $170.97. 2,478,787 shares of the company traded hands, compared to its average volume of 3,569,208. 3M has a twelve month low of $114.04 and a twelve month high of $182.54. The company has a quick ratio of 1.36, a current ratio of 1.94 and a debt-to-equity ratio of 1.77. The business has a 50 day simple moving average of $164.90 and a 200-day simple moving average of $155.83. The stock has a market capitalization of $98.48 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 28th. The conglomerate reported $1.78 EPS for the quarter, beating the consensus estimate of $1.77 by $0.01. 3M had a return on equity of 46.86% and a net margin of 16.38%. The company had revenue of $7.18 billion for the quarter, compared to the consensus estimate of $7.29 billion. During the same quarter last year, the company posted $2.20 earnings per share. The company’s revenue for the quarter was down 12.2% compared to the same quarter last year. Equities research analysts forecast that 3M will post 8.37 EPS for the current year.

In other news, SVP John Patrick Banovetz sold 2,228 shares of the firm’s 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 sale, the senior vice president now owns 10,506 shares in the company, valued at $1,731,493.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.42% of the company’s stock.

About 3M

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.

Further Reading: What is a Swap?

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMM).

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

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.