ZWJ Investment Counsel Inc. lifted its holdings in 3M Co (NYSE:MMM) by 1.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 15,486 shares of the conglomerate’s stock after buying an additional 250 shares during the quarter. ZWJ Investment Counsel Inc.’s holdings in 3M were worth $2,546,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of 3M by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock worth $8,613,040,000 after acquiring an additional 407,636 shares during the period. BlackRock Inc. increased its holdings in shares of 3M by 1.2% in the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock worth $6,783,640,000 after acquiring an additional 472,084 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of 3M by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,349,242 shares of the conglomerate’s stock worth $927,238,000 after acquiring an additional 72,266 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of 3M by 4.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,440,014 shares of the conglomerate’s stock worth $769,633,000 after acquiring an additional 173,877 shares during the period. Finally, Nuveen Asset Management LLC increased its holdings in shares of 3M by 1,337.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock worth $490,689,000 after acquiring an additional 2,633,848 shares during the period. Institutional investors own 66.78% of the company’s stock.
A number of analysts recently weighed in on MMM shares. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating and set a $166.00 price objective on the stock. in a report on Monday, October 14th. Barclays lowered their target price on shares of 3M from $162.00 to $158.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research note on Thursday, October 10th. UBS Group lowered their target price on shares of 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Finally, Bank of America lowered their target price on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. 3M has a consensus rating of “Hold” and a consensus price target of $179.54.
Shares of MMM traded down $0.05 during mid-day trading on Wednesday, hitting $167.49. The company’s stock had a trading volume of 201,592 shares, compared to its average volume of 2,891,741. The firm has a 50-day moving average price of $162.68 and a 200 day moving average price of $173.13. The stock has a market capitalization of $95.46 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 1.90 and a beta of 1.11. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75.
3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.59 EPS. As a group, equities analysts anticipate that 3M Co will post 9.18 EPS for the current fiscal year.
In other news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.83% of the company’s stock.
3M Company Profile
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.
Further Reading: What economic reports are most valuable to investors?
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.