Impax Asset Management LTD increased its stake in 3M Co. (NYSE:MMM) by 41.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,845 shares of the company’s stock after buying an additional 19,834 shares during the period. Impax Asset Management LTD’s holdings in 3M were worth $11,881,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Joel Isaacson & Co. LLC increased its stake in 3M by 84.3% in the second quarter. Joel Isaacson & Co. LLC now owns 7,573 shares of the company’s stock valued at $1,326,000 after buying an additional 3,464 shares during the period. Capstone Asset Management Co. increased its stake in shares of 3M by 2.0% in the second quarter. Capstone Asset Management Co. now owns 144,584 shares of the company’s stock worth $25,319,000 after buying an additional 2,879 shares during the period. S&CO Inc. increased its stake in shares of 3M by 1.2% in the second quarter. S&CO Inc. now owns 68,419 shares of the company’s stock worth $11,982,000 after buying an additional 800 shares during the period. CIBC World Markets Inc. increased its stake in shares of 3M by 5.1% in the second quarter. CIBC World Markets Inc. now owns 81,913 shares of the company’s stock worth $14,345,000 after buying an additional 3,988 shares during the period. Finally, Charter Trust Co. increased its stake in shares of 3M by 1.0% in the second quarter. Charter Trust Co. now owns 92,631 shares of the company’s stock worth $16,221,000 after buying an additional 951 shares during the period. 65.67% of the stock is currently owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded down 0.31% on Thursday, reaching $169.20. 322,255 shares of the company’s stock traded hands. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27. The stock has a market capitalization of $102.26 billion, a price-to-earnings ratio of 21.60 and a beta of 0.99. The stock’s 50-day moving average price is $176.62 and its 200-day moving average price is $173.27.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.01. The business earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The business’s revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.02 EPS. Equities analysts predict that 3M Co. will post $8.21 EPS for the current year.
A number of analysts recently issued reports on MMM shares. Jefferies Group increased their price target on shares of 3M from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. Credit Suisse Group AG reissued a “buy” rating on shares of 3M in a report on Sunday, July 10th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. Deutsche Bank AG reissued a “hold” rating and set a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a report on Monday, June 27th. Two 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 has a consensus rating of “Hold” and a consensus price target of $167.11.
In related news, VP Khandpur K. Ashish sold 1,679 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $299,516.81. Following the completion of the transaction, the vice president now owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James L. Bauman sold 9,066 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the completion of the transaction, the insider now directly owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
3M Company Profile
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.
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.