Chesapeake Asset Management LLC held its position in shares of 3M Co. (NYSE:MMM) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,069 shares of the company’s stock at the end of the second quarter. Chesapeake Asset Management LLC’s holdings in 3M were worth $362,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Douglas Lane & Associates LLC acquired a new stake in 3M during the first quarter worth about $6,836,000. Duncker Streett & Co. Inc. raised its stake in 3M by 1.7% in the first quarter. Duncker Streett & Co. Inc. now owns 15,694 shares of the company’s stock worth $2,615,000 after buying an additional 262 shares during the period. Acropolis Investment Management LLC raised its stake in 3M by 5.6% in the first quarter. Acropolis Investment Management LLC now owns 13,365 shares of the company’s stock worth $2,227,000 after buying an additional 707 shares during the period. RDL Financial Inc. raised its stake in 3M by 10.0% in the first quarter. RDL Financial Inc. now owns 11,384 shares of the company’s stock worth $1,897,000 after buying an additional 1,033 shares during the period. Finally, Sumitomo Life Insurance Co. raised its stake in 3M by 4.4% in the first quarter. Sumitomo Life Insurance Co. now owns 35,094 shares of the company’s stock worth $5,848,000 after buying an additional 1,492 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of 3M Co. (NYSE:MMM) traded down 0.31% during trading on Thursday, reaching $169.20. The company’s stock had a trading volume of 322,255 shares. The company has a market cap of $102.26 billion, a PE ratio of 21.60 and a beta of 0.99. The firm’s 50-day moving average is $176.62 and its 200 day moving average is $173.27. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the company earned $2.02 earnings per share. On average, equities research analysts predict that 3M Co. will post $8.21 EPS for the current fiscal year.
A number of analysts have issued reports on the company. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, August 4th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $186.00 target price (up previously from $178.00) on shares of 3M in a report on Thursday, July 28th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Finally, Morgan Stanley reaffirmed a “sell” rating and issued a $168.00 target price on shares of 3M in a report on Tuesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $167.11.
In related news, insider James L. Bauman sold 9,066 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the sale, the insider now owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $299,516.81. Following the sale, the vice president now directly owns 1,011 shares in the company, valued at approximately $180,352.29. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co. (NYSE:MMM).
Receive News & Ratings for 3M Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Co. and related companies with MarketBeat.com's FREE daily email newsletter.