Notis McConarty Edward lessened its stake in 3M Co (NYSE:MMM) by 6.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 23,955 shares of the conglomerate’s stock after selling 1,750 shares during the period. 3M comprises approximately 1.9% of Notis McConarty Edward’s portfolio, making the stock its 19th largest position. Notis McConarty Edward’s holdings in 3M were worth $4,227,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. First Foundation Advisors grew its stake in shares of 3M by 54.2% in the second quarter. First Foundation Advisors now owns 3,814 shares of the conglomerate’s stock worth $661,000 after acquiring an additional 1,341 shares in the last quarter. Covington Capital Management grew its stake in shares of 3M by 4.9% in the third quarter. Covington Capital Management now owns 63,504 shares of the conglomerate’s stock worth $10,440,000 after acquiring an additional 2,970 shares in the last quarter. Allen Capital Group LLC grew its stake in shares of 3M by 20.4% in the third quarter. Allen Capital Group LLC now owns 7,368 shares of the conglomerate’s stock worth $1,112,000 after acquiring an additional 1,248 shares in the last quarter. Virtu Financial LLC grew its stake in shares of 3M by 257.9% in the third quarter. Virtu Financial LLC now owns 33,454 shares of the conglomerate’s stock worth $5,500,000 after acquiring an additional 24,106 shares in the last quarter. Finally, Clean Yield Group grew its stake in shares of 3M by 11.6% in the third quarter. Clean Yield Group now owns 21,386 shares of the conglomerate’s stock worth $3,516,000 after acquiring an additional 2,230 shares in the last quarter. Hedge funds and other institutional investors own 66.53% of the company’s stock.
MMM has been the subject of several research reports. Barclays dropped their price target on shares of 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a research note on Thursday, October 3rd. Deutsche Bank boosted their price target on shares of 3M from $160.00 to $176.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $179.00 price target for the company in a research note on Tuesday, December 10th. Morgan Stanley dropped their price target on shares of 3M from $177.00 to $173.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. Finally, Royal Bank of Canada dropped their price target on shares of 3M from $165.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, October 25th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. 3M currently has a consensus rating of “Hold” and a consensus price target of $174.08.
3M stock opened at $179.78 on Thursday. The stock has a market cap of $104.30 billion, a P/E ratio of 17.19, a price-to-earnings-growth ratio of 1.99 and a beta of 1.10. The company has a fifty day simple moving average of $174.13 and a 200-day simple moving average of $168.47. 3M Co has a 12-month low of $150.58 and a 12-month high of $219.75. The company has a current ratio of 2.30, a quick ratio of 1.79 and a debt-to-equity ratio of 1.68.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, October 24th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.49 by $0.09. The business had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $8.20 billion. 3M had a net margin of 15.48% and a return on equity of 54.02%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.58 EPS. As a group, sell-side analysts forecast that 3M Co will post 9.04 earnings per share for the current fiscal year.
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.
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