Nissay Asset Management Corp Japan ADV cut its holdings in shares of 3M Co (NYSE:MMM) by 8.4% during the third quarter, HoldingsChannel reports. The firm owned 90,089 shares of the conglomerate’s stock after selling 8,264 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in 3M were worth $18,983,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Price Capital Management Inc. acquired a new position in shares of 3M in the 3rd quarter valued at $126,000. SRS Capital Advisors Inc. increased its position in shares of 3M by 1,652.8% in the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after acquiring an additional 595 shares during the period. Braun Bostich & Associates Inc. increased its position in shares of 3M by 221.7% in the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 481 shares during the period. Avestar Capital LLC increased its position in shares of 3M by 161.2% in the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after acquiring an additional 432 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of 3M in the 2nd quarter valued at $149,000. 67.66% of the stock is currently owned by institutional investors and hedge funds.
In other 3M news, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $203.01, for a total value of $1,301,294.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gregory R. Page purchased 1,000 shares of the stock in a transaction on Friday, October 26th. The stock was acquired at an average cost 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 of the company’s stock, valued at approximately $276,750. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by corporate insiders.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The business had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same period in the previous year, the company posted $2.33 earnings per share. 3M’s revenue for the quarter was down .2% compared to the same quarter last year. Sell-side analysts anticipate that 3M Co will post 10.02 earnings per share for the current year.
Several equities analysts recently issued reports on the company. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Monday, October 29th. ValuEngine raised 3M from a “sell” rating to a “hold” rating in a research report on Saturday, July 14th. Deutsche Bank reissued a “hold” rating and issued a $208.00 target price on shares of 3M in a research report on Thursday, July 12th. Barclays cut their target price on 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 25th. Finally, UBS Group cut their target price on 3M from $220.00 to $211.00 and set a “hold” rating on the stock in a research report on Wednesday, October 24th. Two research 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 stock. 3M has a consensus rating of “Hold” and an average price target of $225.23.
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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.
See Also: Return on Investment (ROI)
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