Louisiana State Employees Retirement System trimmed its position in 3M Co (NYSE:MMM) by 4.9% during the second quarter, Holdings Channel reports. The institutional investor owned 28,900 shares of the conglomerate’s stock after selling 1,500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in 3M were worth $5,010,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in MMM. Norges Bank bought a new position in shares of 3M in the 4th quarter worth $918,305,000. Ronna Sue Cohen increased its position in shares of 3M by 20,703.2% in the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after acquiring an additional 2,672,577 shares during the last quarter. Bessemer Group Inc. increased its position in shares of 3M by 2,768.8% in the fourth quarter. Bessemer Group Inc. now owns 578,657 shares of the conglomerate’s stock valued at $110,258,000 after acquiring an additional 558,486 shares during the last quarter. Geode Capital Management LLC increased its position in shares of 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 acquiring an additional 353,754 shares during the last quarter. Finally, Bahl & Gaynor Inc. grew its holdings in 3M by 40.9% during the fourth quarter. Bahl & Gaynor Inc. now owns 956,786 shares of the conglomerate’s stock worth $182,306,000 after purchasing an additional 277,603 shares during the period. Hedge funds and other institutional investors own 66.62% of the company’s stock.
In other 3M news, Director Gregory R. Page acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were acquired at an average price of $179.60 per share, with a total value of $179,600.00. Following the completion of the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $538,800. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Dillon bought 1,200 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was purchased at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the purchase, the director now owns 1,200 shares of the company’s stock, valued at approximately $203,400. The disclosure for this purchase can be found here. Insiders have purchased 3,200 shares of company stock worth $559,260 in the last quarter. 0.83% of the stock is owned by corporate insiders.
A number of equities research analysts have recently issued reports on the company. Wolfe Research set a $205.00 price objective on Raytheon and gave the stock a “buy” rating in a report on Friday, April 26th. Zacks Investment Research upgraded Green Brick Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Morgan Stanley set a $28.00 price objective on shares of BJs Wholesale Club and gave the company a “hold” rating in a research report on Friday, May 24th. Barclays restated a “hold” rating and set a $23.00 price objective on shares of Cypress Semiconductor in a research report on Thursday, June 6th. Finally, Argus upped their price target on shares of Waste Management from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $182.08.
NYSE MMM opened at $178.13 on Friday. 3M Co has a 52-week low of $159.32 and a 52-week high of $219.75. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.02 and a quick ratio of 1.38. The company has a market cap of $103.42 billion, a P/E ratio of 17.03, a P/E/G ratio of 1.90 and a beta of 1.09. The stock’s fifty day moving average is $171.54.
3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. 3M had a net margin of 17.43% and a return on equity of 57.42%. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter last year, the company earned $2.59 EPS. The firm’s revenue was down 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that 3M Co will post 9.29 earnings per share for the current fiscal year.
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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