Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in 3M Co (NYSE:MMM) by 4.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 148,378 shares of the conglomerate’s stock after selling 7,016 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in 3M were worth $24,393,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Weaver Consulting Group purchased a new stake in shares of 3M in the first quarter valued at about $32,000. Park National Corp OH raised its holdings in shares of 3M by 6.0% in the second quarter. Park National Corp OH now owns 192,590 shares of the conglomerate’s stock valued at $33,383,000 after purchasing an additional 10,852 shares during the last quarter. Pensionfund DSM Netherlands raised its holdings in shares of 3M by 10.7% in the second quarter. Pensionfund DSM Netherlands now owns 21,700 shares of the conglomerate’s stock valued at $3,761,000 after purchasing an additional 2,100 shares during the last quarter. Pensionfund Sabic raised its holdings in shares of 3M by 8.3% in the second quarter. Pensionfund Sabic now owns 14,400 shares of the conglomerate’s stock valued at $2,496,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Fulton Bank N.A. raised its holdings in shares of 3M by 4.0% in the second quarter. Fulton Bank N.A. now owns 17,665 shares of the conglomerate’s stock valued at $3,062,000 after purchasing an additional 672 shares during the last quarter. Institutional investors and hedge funds own 66.78% of the company’s stock.
A number of analysts recently issued reports on the stock. Morgan Stanley decreased their price objective on shares of 3M from $177.00 to $173.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. Barclays decreased their price objective on shares of 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a report on Thursday, October 3rd. Credit Suisse Group raised their price objective on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Bank of America decreased their price objective on shares of 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Finally, Citigroup decreased their price objective on shares of 3M from $197.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $179.54.
3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter last year, the company posted $2.59 earnings per share. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that 3M Co will post 9.18 earnings per share for the current year.
In other news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the transaction, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.83% of the stock is owned by company insiders.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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