Essex Savings Bank Boosts Stock Position in 3M Co (NYSE:MMM)

Essex Savings Bank boosted its stake in shares of 3M Co (NYSE:MMM) by 5.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,531 shares of the conglomerate’s stock after acquiring an additional 270 shares during the quarter. Essex Savings Bank’s holdings in 3M were worth $862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Convergence Investment Partners LLC purchased a new stake in 3M during the 2nd quarter valued at about $2,181,000. Community Bank N.A. boosted its holdings in 3M by 5.7% during the 2nd quarter. Community Bank N.A. now owns 32,236 shares of the conglomerate’s stock valued at $5,029,000 after acquiring an additional 1,730 shares during the period. Chartwell Investment Partners LLC boosted its holdings in 3M by 6.7% during the 2nd quarter. Chartwell Investment Partners LLC now owns 24,277 shares of the conglomerate’s stock valued at $3,787,000 after acquiring an additional 1,531 shares during the period. State of Michigan Retirement System boosted its holdings in 3M by 11.5% during the 2nd quarter. State of Michigan Retirement System now owns 146,874 shares of the conglomerate’s stock valued at $22,911,000 after acquiring an additional 15,098 shares during the period. Finally, Accredited Investors Inc. boosted its holdings in 3M by 16.0% during the 2nd quarter. Accredited Investors Inc. now owns 23,266 shares of the conglomerate’s stock valued at $3,629,000 after acquiring an additional 3,202 shares during the period. Institutional investors own 65.67% of the company’s stock.

In related news, SVP Ty R. Silberhorn sold 14,623 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the completion of the transaction, the senior vice president now owns 16,571 shares of the company’s stock, valued at approximately $2,426,988.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Khandpur K. Ashish sold 3,605 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $146.85, for a total value of $529,394.25. Following the transaction, the executive vice president now directly owns 19,193 shares of the company’s stock, valued at approximately $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 in the last three months. Corporate insiders own 0.42% of the company’s stock.

Shares of NYSE:MMM traded down $1.65 during trading on Friday, hitting $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 12 month low of $114.04 and a 12 month high of $182.54. The company has a market capitalization of $87.62 billion, a PE ratio of 17.06, a PEG ratio of 1.96 and a beta of 0.99. The firm’s fifty day moving average is $156.57 and its 200 day moving average is $153.55. The company has a quick ratio of 1.19, a current ratio of 1.94 and a debt-to-equity ratio of 1.82.

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

Several equities research analysts recently weighed in on MMM shares. Deutsche Bank increased their target price on 3M from $158.00 to $163.00 and gave the company a “hold” rating in a report on Wednesday, April 29th. Langenberg & Company upgraded 3M to a “buy” rating and set a $180.00 target price for the company in a report on Thursday, April 9th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $133.00 price target for the company in a research report on Thursday, April 30th. Barclays upped their price target on 3M from $156.00 to $157.00 and gave the company an “underweight” rating in a research report on Wednesday. Finally, Citigroup upped their price target on 3M from $146.00 to $170.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $164.15.

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.

Recommended Story: Arbitrage

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).

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

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.