Vantage Investment Partners LLC raised its stake in 3M Co (NYSE:MMM) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,019 shares of the conglomerate’s stock after buying an additional 1,357 shares during the period. Vantage Investment Partners LLC’s holdings in 3M were worth $9,486,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA grew its holdings in shares of 3M by 2.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 11,377,995 shares of the conglomerate’s stock valued at $2,238,278,000 after purchasing an additional 257,182 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of 3M by 8.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after purchasing an additional 537,325 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of 3M by 5.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 3,839,336 shares of the conglomerate’s stock valued at $755,275,000 after purchasing an additional 194,950 shares during the last quarter. Morgan Stanley grew its holdings in shares of 3M by 17.3% during the 2nd quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock valued at $710,678,000 after purchasing an additional 534,001 shares during the last quarter. Finally, Parnassus Investments CA bought a new position in shares of 3M during the 2nd quarter valued at $706,178,000. 67.66% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the sale, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the company’s stock in a transaction dated Friday, October 26th. The stock was bought 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 in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. Company insiders own 0.58% of the company’s stock.
3M (NYSE:MMM) last posted its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The company had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same period in the prior year, the business posted $2.33 earnings per share. The company’s revenue for the quarter was down .2% on a year-over-year basis. As a group, equities research analysts forecast that 3M Co will post 10.02 EPS for the current fiscal year.
Several equities research analysts have weighed in on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Monday, October 29th. ValuEngine raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Saturday, July 14th. Deutsche Bank reissued a “hold” rating and set a $208.00 price target on shares of 3M in a research report on Thursday, July 12th. Barclays dropped their price target on shares of 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research report on Wednesday, July 25th. Finally, UBS Group dropped their price target on shares of 3M from $220.00 to $211.00 and set a “hold” rating for the company in a research report on Wednesday, October 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. 3M has a consensus rating of “Hold” and a consensus target price of $225.23.
3M Company Profile
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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