FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its stake in shares of 3M Co (NYSE:MMM) by 2.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,464 shares of the conglomerate’s stock after buying an additional 70 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in 3M were worth $540,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Guardian Investment Management boosted its position in shares of 3M by 20.0% during the 1st quarter. Guardian Investment Management now owns 17,377 shares of the conglomerate’s stock worth $2,372,000 after purchasing an additional 2,900 shares in the last quarter. Fundamentun LLC purchased a new position in 3M in the first quarter valued at about $775,000. AXA lifted its position in shares of 3M by 15.4% during the 1st quarter. AXA now owns 430,552 shares of the conglomerate’s stock valued at $58,775,000 after acquiring an additional 57,498 shares during the period. Mackenzie Financial Corp lifted its position in shares of 3M by 875.7% during the 1st quarter. Mackenzie Financial Corp now owns 615,710 shares of the conglomerate’s stock valued at $84,051,000 after acquiring an additional 552,603 shares during the period. Finally, APG Asset Management N.V. boosted its stake in shares of 3M by 7.0% during the 1st quarter. APG Asset Management N.V. now owns 1,002,788 shares of the conglomerate’s stock worth $136,891,000 after acquiring an additional 65,483 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.
Several equities analysts recently issued reports on MMM shares. Barclays lifted their price objective on 3M from $156.00 to $157.00 and gave the stock an “underweight” rating in a report on Wednesday. Bank of America lifted their price target on 3M from $165.00 to $170.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Langenberg & Company raised shares of 3M to a “buy” rating and set a $180.00 price objective on the stock in a research note on Thursday, April 9th. Citigroup lifted their price objective on 3M from $146.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Finally, Royal Bank of Canada boosted their target price on shares of 3M from $158.00 to $170.00 and gave the company a “sector perform” rating in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $164.15.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 28th. The conglomerate reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.01. The business had revenue of $7.18 billion for the quarter, compared to the consensus estimate of $7.29 billion. 3M had a net margin of 16.38% and a return on equity of 46.86%. The business’s revenue for the quarter was down 12.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.20 EPS. Equities research analysts anticipate that 3M Co will post 8.17 EPS for the current fiscal year.
In other news, EVP Khandpur K. Ashish sold 3,605 shares of the business’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 transaction of $529,394.25. Following the sale, the executive vice president now owns 19,193 shares in the company, valued at $2,818,492.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Ty R. Silberhorn sold 14,623 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the completion of the sale, the senior vice president now owns 16,571 shares of the company’s stock, valued at approximately $2,426,988.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,290 shares of company stock valued at $4,757,036. Corporate insiders own 0.42% of the company’s stock.
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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