OLD Republic International Corp acquired a new stake in 3M Co (NYSE:MMM) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 8,000 shares of the conglomerate’s stock, valued at approximately $1,686,000.
A number of other large investors have also recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA increased its stake in 3M by 2.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 11,377,995 shares of the conglomerate’s stock valued at $2,238,278,000 after acquiring an additional 257,182 shares during the last quarter. Bank of New York Mellon Corp increased its stake in 3M by 8.7% in the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after acquiring an additional 537,325 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in 3M by 5.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,839,336 shares of the conglomerate’s stock valued at $755,275,000 after buying an additional 194,950 shares in the last quarter. Morgan Stanley boosted its position in 3M by 17.3% in the second quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock valued at $710,678,000 after buying an additional 534,001 shares in the last quarter. Finally, Parnassus Investments CA acquired a new stake in 3M in the second quarter valued at approximately $706,178,000. 67.66% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have weighed in on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. Royal Bank of Canada cut their target price on shares of 3M to $223.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 24th. Argus cut their target price on shares of 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Barclays cut their target price on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 25th. Finally, Deutsche Bank raised their target price on shares of 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research report on Friday, September 28th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $225.23.
Shares of 3M stock opened at $204.07 on Friday. The company has a market capitalization of $113.72 billion, a price-to-earnings ratio of 22.25, a P/E/G ratio of 1.92 and a beta of 1.18. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. 3M Co has a fifty-two week low of $181.98 and a fifty-two week high of $259.77.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The business had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. 3M’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the firm posted $2.33 EPS. Equities analysts anticipate that 3M Co will post 10.02 EPS for the current fiscal year.
In other 3M news, Director Gregory R. Page purchased 1,000 shares of the business’s stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the acquisition, the director now owns 1,500 shares in the company, valued at $276,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the transaction, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.
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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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