Manitou Investment Management Ltd. lifted its stake in shares of 3M Co (NYSE:MMM) by 10.4% in the 3rd quarter, Holdings Channel reports. The firm owned 41,230 shares of the conglomerate’s stock after buying an additional 3,880 shares during the quarter. 3M accounts for 2.2% of Manitou Investment Management Ltd.’s portfolio, making the stock its 17th biggest position. Manitou Investment Management Ltd.’s holdings in 3M were worth $8,688,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of MMM. Principal Financial Group Inc. increased its holdings in shares of 3M by 10.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,327,100 shares of the conglomerate’s stock valued at $291,326,000 after acquiring an additional 130,527 shares during the last quarter. Addenda Capital Inc. increased its holdings in shares of 3M by 91.5% in the 2nd quarter. Addenda Capital Inc. now owns 25,245 shares of the conglomerate’s stock valued at $5,268,000 after acquiring an additional 12,063 shares during the last quarter. Community Bank N.A. increased its holdings in shares of 3M by 5.0% in the 2nd quarter. Community Bank N.A. now owns 23,258 shares of the conglomerate’s stock valued at $4,576,000 after acquiring an additional 1,110 shares during the last quarter. FormulaFolio Investments LLC increased its holdings in shares of 3M by 221.3% in the 2nd quarter. FormulaFolio Investments LLC now owns 3,454 shares of the conglomerate’s stock valued at $680,000 after acquiring an additional 2,379 shares during the last quarter. Finally, BKD Wealth Advisors LLC increased its holdings in shares of 3M by 3.6% in the 2nd quarter. BKD Wealth Advisors LLC now owns 19,101 shares of the conglomerate’s stock valued at $3,758,000 after acquiring an additional 670 shares during the last quarter. Institutional investors own 67.66% of the company’s stock.
A number of research firms recently issued reports on MMM. Deutsche Bank boosted their price objective on 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research report on Friday, September 28th. Credit Suisse Group began coverage on 3M in a research report on Friday, October 12th. They set an “outperform” rating and a $228.00 price objective for the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Friday, October 5th. Gordon Haskett began coverage on 3M in a research report on Friday, October 12th. They set a “buy” rating for the company. Finally, Barclays reduced their price objective on 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $225.23.
In other 3M news, Director Gregory R. Page purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The shares were purchased at an average cost of $184.50 per share, with a total value of $184,500.00. Following the completion of the transaction, the director now owns 1,500 shares of the company’s stock, valued at $276,750. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the transaction, the insider now directly owns 5,634 shares in the company, valued at $1,216,944. The disclosure for this sale can be found here. 0.58% of the stock is owned by insiders.
Shares of 3M stock opened at $201.10 on Friday. The firm has a market cap of $117.21 billion, a PE ratio of 20.60, a P/E/G ratio of 1.98 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 12-month low of $181.98 and a 12-month high of $259.77.
3M (NYSE:MMM) last announced 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 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%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same period last year, the firm earned $2.33 earnings per share. Equities research analysts predict that 3M Co will post 10.02 EPS for the current fiscal year.
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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