Westpac Banking Corp cut its stake in 3M Co (NYSE:MMM) by 0.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 127,115 shares of the conglomerate’s stock after selling 1,184 shares during the quarter. 3M comprises about 0.7% of Westpac Banking Corp’s holdings, making the stock its 23rd largest position. Westpac Banking Corp’s holdings in 3M were worth $29,919,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the company. Schwab Charles Investment Management Inc. grew its stake in 3M by 4.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock worth $746,391,000 after buying an additional 142,799 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in 3M by 3.7% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 15,119 shares of the conglomerate’s stock worth $3,559,000 after buying an additional 536 shares during the last quarter. Coastline Trust Co grew its stake in 3M by 18.8% during the 4th quarter. Coastline Trust Co now owns 11,295 shares of the conglomerate’s stock worth $2,658,000 after buying an additional 1,790 shares during the last quarter. Somerset Trust Co grew its stake in 3M by 14.7% during the 4th quarter. Somerset Trust Co now owns 21,972 shares of the conglomerate’s stock worth $5,171,000 after buying an additional 2,823 shares during the last quarter. Finally, Koshinski Asset Management Inc. grew its stake in 3M by 134.9% during the 4th quarter. Koshinski Asset Management Inc. now owns 12,515 shares of the conglomerate’s stock worth $2,946,000 after buying an additional 7,188 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.
Several brokerages recently weighed in on MMM. JPMorgan Chase & Co. restated an “underweight” rating and set a $221.00 target price (up from $208.00) on shares of 3M in a research note on Thursday. Citigroup boosted their target price on 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a research note on Tuesday. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $271.00 target price on the stock in a research note on Monday, January 15th. Deutsche Bank lifted their price target on 3M from $180.00 to $240.00 and gave the stock a “hold” rating in a research report on Wednesday, January 10th. Finally, Argus reaffirmed a “buy” rating on shares of 3M in a research report on Friday, December 22nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $235.01.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the previous year, the firm posted $2.15 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year. equities analysts forecast that 3M Co will post 9.1 earnings per share for the current year.
In other news, insider Frank R. Jr. Little sold 1,500 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $234.47, for a total value of $351,705.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ippocratis Vrohidis sold 1,725 shares of the business’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $230.34, for a total value of $397,336.50. Following the completion of the transaction, the chief accounting officer now directly owns 898 shares of the company’s stock, valued at approximately $206,845.32. The disclosure for this sale can be found here. In the last three months, insiders sold 22,804 shares of company stock valued at $5,303,706. Insiders own 0.58% of the company’s stock.
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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, , 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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