Lido Advisors LLC raised its stake in 3M Co (NYSE:MMM) by 27.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,122 shares of the conglomerate’s stock after acquiring an additional 1,546 shares during the quarter. Lido Advisors LLC’s holdings in 3M were worth $1,357,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in 3M by 3.0% in the fourth quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock valued at $7,435,433,000 after purchasing an additional 1,152,714 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in 3M by 17,350.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock valued at $141,000 after purchasing an additional 26,742,875 shares during the last quarter. Northern Trust Corp increased its stake in 3M by 2.4% in the fourth quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock valued at $1,526,587,000 after purchasing an additional 186,257 shares during the last quarter. Geode Capital Management LLC increased its stake in 3M by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares during the last quarter. Finally, Morgan Stanley grew its position in 3M by 11.9% during the third quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock valued at $851,879,000 after acquiring an additional 430,262 shares during the period. 67.20% of the stock is owned by institutional investors.
In other news, Chairman Inge G. Thulin sold 13,499 shares of the company’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total value of $2,699,800.00. Following the completion of the sale, the chairman now owns 230,458 shares of the company’s stock, valued at $46,091,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Nicholas C. Gangestad sold 4,681 shares of the company’s stock in a transaction dated Thursday, February 7th. The stock was sold at an average price of $201.34, for a total value of $942,472.54. Following the completion of the sale, the chief financial officer now directly owns 33,691 shares of the company’s stock, valued at approximately $6,783,345.94. The disclosure for this sale can be found here. Insiders sold 77,414 shares of company stock valued at $15,553,682 in the last ninety days. Company insiders own 0.83% of the company’s stock.
MMM stock opened at $216.90 on Wednesday. 3M Co has a 12-month low of $176.87 and a 12-month high of $221.69. The company has a quick ratio of 1.29, a current ratio of 1.89 and a debt-to-equity ratio of 1.36. The stock has a market cap of $124.43 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 2.03 and a beta of 1.05.
3M (NYSE:MMM) last issued its earnings results on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.28 by $0.03. 3M had a return on equity of 57.70% and a net margin of 16.33%. The company had revenue of $7.95 billion during the quarter, compared to the consensus estimate of $7.87 billion. During the same quarter in the prior year, the business earned $2.10 earnings per share. The company’s revenue was down .6% compared to the same quarter last year. On average, research analysts anticipate that 3M Co will post 10.51 earnings per share for the current year.
MMM has been the subject of a number of research reports. Royal Bank of Canada reissued a “buy” rating and set a $213.00 price target on shares of 3M in a research report on Wednesday, December 19th. Morgan Stanley lowered their price target on 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a research report on Friday, March 22nd. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Credit Suisse Group reissued an “outperform” rating and set a $220.00 price target (down previously from $230.00) on shares of 3M in a research report on Thursday, January 3rd. Finally, reissued a “sell” rating on shares of 3M in a research report on Tuesday, February 12th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $205.50.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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