Regent Investment Management LLC decreased its position in shares of 3M Company (NYSE:MMM) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,787 shares of the conglomerate’s stock after selling 18 shares during the period. Regent Investment Management LLC’s holdings in 3M were worth $1,622,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in MMM. Bank of New York Mellon Corp increased its stake in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the last quarter. First Eagle Investment Management LLC increased its stake in 3M by 3.9% in the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after buying an additional 167,491 shares during the last quarter. Ameriprise Financial Inc. increased its stake in 3M by 0.3% in the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after buying an additional 8,239 shares during the last quarter. American Century Companies Inc. increased its stake in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in 3M by 3.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock worth $534,998,000 after buying an additional 92,789 shares during the last quarter. 65.74% of the stock is currently owned by institutional investors.
Shares of 3M Company (NYSE:MMM) traded up 0.02% on Monday, hitting $211.82. The stock had a trading volume of 814,832 shares. The company has a 50 day moving average of $204.94 and a 200-day moving average of $190.31. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The firm has a market capitalization of $126.51 billion, a P/E ratio of 25.62 and a beta of 1.09.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 25th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.09. The business had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.48 billion. 3M had a net margin of 16.78% and a return on equity of 44.95%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the business posted $1.95 EPS. Equities analysts predict that 3M Company will post $8.98 EPS for the current fiscal year.
MMM has been the topic of a number of recent research reports. Citigroup Inc. reaffirmed a “buy” rating and set a $229.00 price objective (up from $220.00) on shares of 3M in a report on Saturday, June 3rd. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, April 27th. Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 price objective (down from $193.00) on shares of 3M in a report on Monday, July 10th. Jefferies Group LLC lifted their price objective on 3M from $210.00 to $219.00 and gave the company a “buy” rating in a report on Wednesday, April 19th. Finally, Zacks Investment Research downgraded 3M from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $201.55.
In other 3M news, VP Marlene Mary Mcgrath sold 14,766 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total value of $2,877,598.08. Following the sale, the vice president now owns 24,480 shares in the company, valued at $4,770,662.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James L. Bauman sold 14,616 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $195.81, for a total transaction of $2,861,958.96. Following the completion of the sale, the insider now owns 16,458 shares in the company, valued at approximately $3,222,640.98. The disclosure for this sale can be found here. Insiders have sold a total of 33,698 shares of company stock worth $6,593,443 in the last quarter. 0.58% of the stock is currently owned by company insiders.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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