North Star Asset Management Inc. grew its holdings in shares of 3M Co (NYSE:MMM) by 257.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,486 shares of the conglomerate’s stock after buying an additional 21,230 shares during the quarter. North Star Asset Management Inc.’s holdings in 3M were worth $6,213,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Fundsmith Equity Fund L.P. bought a new position in 3M during the second quarter worth $668,488,000. Holderness Investments Co. lifted its stake in 3M by 7.3% during the second quarter. Holderness Investments Co. now owns 4,350 shares of the conglomerate’s stock worth $856,000 after purchasing an additional 295 shares during the last quarter. CWH Capital Management Inc. bought a new position in 3M during the second quarter worth $220,000. State Treasurer State of Michigan lifted its stake in 3M by 0.3% during the second quarter. State Treasurer State of Michigan now owns 175,776 shares of the conglomerate’s stock worth $34,579,000 after purchasing an additional 500 shares during the last quarter. Finally, Boulegeris Investments Inc. lifted its stake in 3M by 28.8% during the second quarter. Boulegeris Investments Inc. now owns 6,526 shares of the conglomerate’s stock worth $1,284,000 after purchasing an additional 1,461 shares during the last quarter. Institutional investors own 67.66% of the company’s stock.
A number of equities research analysts have issued reports on MMM shares. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Argus cut their target price on 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Barclays cut their target price on 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 24th. Citigroup cut their target price on 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Finally, Morgan Stanley set a $198.00 target price on 3M and gave the company a “hold” rating in a research note on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned 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 price target of $225.23.
MMM stock opened at $192.81 on Monday. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $112.27 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 1.89 and a beta of 1.18. 3M Co has a 1 year low of $181.98 and a 1 year high of $259.77.
3M (NYSE:MMM) last posted its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The company had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The business’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.33 earnings per share. As a group, analysts predict that 3M Co will post 10.02 EPS for the current year.
In other news, insider Jon T. Lindekugel sold 6,410 shares of the firm’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $203.01, for a total transaction of $1,301,294.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gregory R. Page purchased 1,000 shares of the stock in a transaction dated Friday, October 26th. The shares were acquired at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by company insiders.
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.
Featured Article: How are institutional investors different from individual investors?
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.