Close Asset Management Ltd boosted its stake in shares of 3M (NYSE:MMM) by 4.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,492 shares of the conglomerate’s stock after purchasing an additional 9,054 shares during the quarter. 3M comprises 4.8% of Close Asset Management Ltd’s holdings, making the stock its 6th largest holding. Close Asset Management Ltd’s holdings in 3M were worth $52,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also modified their holdings of MMM. LMR Partners LLP acquired a new stake in shares of 3M during the fourth quarter worth about $1,916,000. Griffin Asset Management Inc. lifted its holdings in shares of 3M by 51.7% during the third quarter. Griffin Asset Management Inc. now owns 27,576 shares of the conglomerate’s stock worth $5,788,000 after purchasing an additional 9,394 shares during the period. Leith Wheeler Investment Counsel Ltd. acquired a new stake in shares of 3M during the fourth quarter worth about $254,000. Personal Capital Advisors Corp lifted its holdings in shares of 3M by 4.3% during the fourth quarter. Personal Capital Advisors Corp now owns 173,433 shares of the conglomerate’s stock worth $40,821,000 after purchasing an additional 7,120 shares during the period. Finally, Mizuho Securities USA LLC lifted its holdings in shares of 3M by 20.9% during the fourth quarter. Mizuho Securities USA LLC now owns 18,506 shares of the conglomerate’s stock worth $4,356,000 after purchasing an additional 3,199 shares during the period. 66.89% of the stock is owned by institutional investors and hedge funds.
Shares of 3M stock traded up $2.09 during trading hours on Thursday, hitting $216.42. The company’s stock had a trading volume of 2,291,049 shares, compared to its average volume of 2,672,214. 3M has a twelve month low of $188.62 and a twelve month high of $259.77. The firm has a market cap of $129,211.59, a PE ratio of 23.60, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14. The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04.
3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.07. The firm had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.88 EPS. equities analysts expect that 3M will post 10.57 earnings per share for the current year.
In related news, Chairman Inge G. Thulin sold 35,236 shares of the business’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.14, for a total value of $8,849,169.04. Following the sale, the chairman now owns 253,873 shares in the company, valued at approximately $63,757,665.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Frank R. Jr. Little sold 3,133 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $236.85, for a total value of $742,051.05. The disclosure for this sale can be found here. Insiders sold a total of 52,806 shares of company stock worth $13,162,628 in the last quarter. Company insiders own 0.58% of the company’s stock.
MMM has been the subject of several recent research reports. Argus reiterated a “buy” rating on shares of 3M in a research report on Friday, December 22nd. Vetr upgraded 3M from a “buy” rating to a “strong-buy” rating and set a $256.47 price target for the company in a research report on Friday, March 23rd. Royal Bank of Canada reiterated a “hold” rating and set a $254.00 price target on shares of 3M in a research report on Thursday, January 25th. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $264.00 price target for the company in a research report on Thursday, January 4th. Finally, Citigroup set a $284.00 price target on 3M and gave the stock a “buy” rating in a research report on Saturday, March 24th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. 3M presently has an average rating of “Hold” and a consensus target price of $253.22.
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3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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