Schmidt P J Investment Management Inc. cut its stake in shares of 3M Co. (NYSE:MMM) by 1.7% during the second quarter, Holdings Channel reports. The fund owned 5,238 shares of the company’s stock after selling 88 shares during the period. Schmidt P J Investment Management Inc.’s holdings in 3M were worth $917,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Emerald Acquisition Ltd. bought a new position in 3M during the second quarter worth approximately $179,251,000. Bank of Montreal Can acquired a new stake in 3M during the second quarter worth about $135,349,000. Ameriprise Financial Inc. increased its stake in 3M by 61.3% in the second quarter. Ameriprise Financial Inc. now owns 1,055,278 shares of the company’s stock worth $184,843,000 after buying an additional 401,187 shares during the period. Wellington Management Group LLP increased its stake in 3M by 10.6% in the first quarter. Wellington Management Group LLP now owns 3,970,813 shares of the company’s stock worth $661,657,000 after buying an additional 381,798 shares during the period. Finally, 1832 Asset Management L.P. increased its stake in 3M by 193.9% in the first quarter. 1832 Asset Management L.P. now owns 529,525 shares of the company’s stock worth $136,753,000 after buying an additional 349,353 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) opened at 170.33 on Friday. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27. The company’s 50-day moving average price is $176.09 and its 200 day moving average price is $173.28. The company has a market capitalization of $102.95 billion, a PE ratio of 21.74 and a beta of 0.99.
3M (NYSE:MMM) last posted its quarterly 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. 3M had a return on equity of 41.84% and a net margin of 16.29%. The company earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. During the same period last year, the business earned $2.02 EPS. The business’s quarterly revenue was down .3% on a year-over-year basis. On average, equities research analysts anticipate that 3M Co. will post $8.21 EPS for the current year.
MMM has been the subject of a number of research analyst reports. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Jefferies Group reissued a “buy” rating on shares of 3M in a research report on Wednesday, July 6th. Credit Suisse Group AG reissued a “buy” rating on shares of 3M in a research report on Sunday, July 10th. Morgan Stanley reissued a “sell” rating and set a $168.00 target price on shares of 3M in a research report on Tuesday, August 23rd. Finally, Deutsche Bank AG reissued a “hold” rating and set a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $167.11.
In related news, insider James L. Bauman sold 9,066 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $178.42, for a total value of $1,617,555.72. Following the transaction, the insider now directly owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul A. Keel sold 3,180 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $567,280.20. Following the completion of the transaction, the insider now directly owns 9,961 shares in the company, valued at $1,776,942.79. 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.
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