Sonora Investment Management LLC Grows Position in 3M (NYSE:MMM)


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Sonora Investment Management LLC grew its position in 3M (NYSE:MMM) by 9.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,901 shares of the conglomerate’s stock after buying an additional 3,153 shares during the quarter. Sonora Investment Management LLC’s holdings in 3M were worth $6,725,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Cypress Wealth Services LLC boosted its holdings in 3M by 1.8% in the first quarter. Cypress Wealth Services LLC now owns 2,863 shares of the conglomerate’s stock valued at $552,000 after acquiring an additional 52 shares during the last quarter. Hubbell Strickland Wealth Management LLC raised its position in shares of 3M by 2.7% during the first quarter. Hubbell Strickland Wealth Management LLC now owns 1,985 shares of the conglomerate’s stock worth $382,000 after purchasing an additional 53 shares during the period. Vigilant Capital Management LLC raised its position in 3M by 1.6% in the 1st quarter. Vigilant Capital Management LLC now owns 3,517 shares of the conglomerate’s stock valued at $678,000 after buying an additional 55 shares during the last quarter. PDS Planning Inc raised its position in 3M by 2.2% in the 1st quarter. PDS Planning Inc now owns 2,515 shares of the conglomerate’s stock valued at $485,000 after buying an additional 55 shares during the last quarter. Finally, TCF National Bank grew its stake in 3M by 1.1% in the 4th quarter. TCF National Bank now owns 5,037 shares of the conglomerate’s stock valued at $880,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 64.68% of the company’s stock.

A number of research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of 3M from $192.00 to $199.00 and gave the company a “hold” rating in a research note on Wednesday, April 28th. Royal Bank of Canada raised their price target on shares of 3M from $198.00 to $200.00 and gave the company a “sector perform” rating in a report on Tuesday. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $200.00 price objective for the company in a report on Wednesday, February 3rd. Bank of America cut shares of 3M from a “neutral” rating to an “underperform” rating and set a $170.00 target price on the stock. in a research report on Thursday, January 7th. Finally, Citigroup boosted their price objective on shares of 3M from $185.00 to $188.00 in a research report on Wednesday, January 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $193.45.

In related news, EVP Kristen M. Ludgate sold 933 shares of the company’s stock in a transaction that occurred on Wednesday, April 21st. The shares were sold at an average price of $200.00, for a total transaction of $186,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Ivan K. Fong sold 12,059 shares of the company’s stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the sale, the vice president now owns 47,872 shares in the company, valued at $9,500,677.12. The disclosure for this sale can be found here. Insiders have sold 13,042 shares of company stock valued at $2,588,687 in the last ninety days. Insiders own 0.42% of the company’s stock.

MMM stock traded down $0.10 during trading on Tuesday, hitting $198.51. The company had a trading volume of 4,027 shares, compared to its average volume of 2,705,453. The firm has a market capitalization of $115.07 billion, a P/E ratio of 23.28, a PEG ratio of 1.85 and a beta of 0.92. 3M has a 52-week low of $131.12 and a 52-week high of $203.15. The company has a 50 day simple moving average of $195.03 and a 200-day simple moving average of $178.49. The company has a quick ratio of 1.37, a current ratio of 1.90 and a debt-to-equity ratio of 1.54.

3M (NYSE:MMM) last released its earnings results on Monday, April 26th. The conglomerate reported $2.77 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.48. 3M had a net margin of 15.65% and a return on equity of 44.77%. The company had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.43 billion. During the same period last year, the business earned $2.16 EPS. 3M’s revenue for the quarter was up 9.6% on a year-over-year basis. Sell-side analysts forecast that 3M will post 8.56 earnings per share for the current year.

3M Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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