Convergence Investment Partners LLC Acquires New Stake in 3M Co (NYSE:MMM)

Convergence Investment Partners LLC bought a new position in shares of 3M Co (NYSE:MMM) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 13,985 shares of the conglomerate’s stock, valued at approximately $2,181,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Guggenheim Capital LLC boosted its position in shares of 3M by 2.8% during the 4th quarter. Guggenheim Capital LLC now owns 213,211 shares of the conglomerate’s stock valued at $37,615,000 after purchasing an additional 5,871 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in 3M by 26.3% in the fourth quarter. Sunbelt Securities Inc. now owns 49,999 shares of the conglomerate’s stock valued at $8,821,000 after buying an additional 10,406 shares during the period. Fulton Bank N.A. boosted its holdings in shares of 3M by 3.4% during the 1st quarter. Fulton Bank N.A. now owns 18,318 shares of the conglomerate’s stock worth $2,501,000 after buying an additional 597 shares in the last quarter. Deane Retirement Strategies Inc. acquired a new stake in shares of 3M during the 1st quarter worth approximately $1,439,000. Finally, Pensionfund Sabic increased its stake in shares of 3M by 13.9% in the 1st quarter. Pensionfund Sabic now owns 16,400 shares of the conglomerate’s stock valued at $2,239,000 after acquiring an additional 2,000 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

In other news, EVP Michael G. Vale sold 14,062 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $148.34, for a total transaction of $2,085,957.08. Following the completion of the transaction, the executive vice president now directly owns 46,900 shares of the company’s stock, valued at approximately $6,957,146. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Khandpur K. Ashish sold 3,605 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $146.85, for a total transaction of $529,394.25. Following the transaction, the executive vice president now directly owns 19,193 shares of the company’s stock, valued at $2,818,492.05. The disclosure for this sale can be found here. Insiders sold a total of 32,290 shares of company stock valued at $4,757,036 over the last ninety days. 0.42% of the stock is currently owned by insiders.

A number of equities research analysts have commented on MMM shares. Royal Bank of Canada raised their price target on shares of 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday. Credit Suisse Group reduced their target price on 3M from $180.00 to $179.00 and set an “outperform” rating for the company in a research note on Wednesday. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $133.00 price target on the stock in a research note on Thursday, April 30th. Citigroup raised their price objective on 3M from $146.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Finally, Deutsche Bank boosted their price objective on 3M from $158.00 to $163.00 and gave the company a “hold” rating in a report on Wednesday, April 29th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $164.15.

MMM stock traded down $1.65 during trading on Friday, reaching $150.47. The stock had a trading volume of 3,266,644 shares, compared to its average volume of 2,588,002. 3M Co has a one year low of $114.04 and a one year high of $182.54. The company has a quick ratio of 1.19, a current ratio of 1.94 and a debt-to-equity ratio of 1.82. The company’s 50 day moving average is $156.57 and its two-hundred day moving average is $153.55. The company has a market capitalization of $87.62 billion, a price-to-earnings ratio of 17.06, a P/E/G ratio of 1.96 and a beta of 0.99.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.01. 3M had a net margin of 16.38% and a return on equity of 46.86%. The business had revenue of $7.18 billion during the quarter, compared to the consensus estimate of $7.29 billion. During the same period in the prior year, the firm posted $2.20 EPS. The firm’s quarterly revenue was down 12.2% compared to the same quarter last year. As a group, research analysts predict that 3M Co will post 8.15 earnings per share for the current fiscal year.

3M 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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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