4,180 Shares in 3M (NYSE:MMM) Acquired by Hodges Capital Management Inc.

Hodges Capital Management Inc. bought a new stake in 3M (NYSE:MMM) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,180 shares of the conglomerate’s stock, valued at approximately $670,000.

A number of other large investors have also bought and sold shares of the business. Evolution Wealth Advisors LLC raised its position in 3M by 47.4% in the third quarter. Evolution Wealth Advisors LLC now owns 364 shares of the conglomerate’s stock valued at $58,000 after purchasing an additional 117 shares during the period. Diversified Trust Co raised its position in 3M by 33.7% in the third quarter. Diversified Trust Co now owns 14,165 shares of the conglomerate’s stock valued at $2,269,000 after purchasing an additional 3,573 shares during the period. Coastline Trust Co raised its position in 3M by 14.4% in the third quarter. Coastline Trust Co now owns 14,705 shares of the conglomerate’s stock valued at $2,355,000 after purchasing an additional 1,850 shares during the period. White Lighthouse Investment Management Inc. purchased a new stake in 3M in the third quarter valued at $204,000. Finally, FormulaFolio Investments LLC raised its position in 3M by 6.8% in the third quarter. FormulaFolio Investments LLC now owns 4,861 shares of the conglomerate’s stock valued at $779,000 after purchasing an additional 308 shares during the period. Institutional investors own 64.57% of the company’s stock.

A number of equities research analysts have commented on MMM shares. Credit Suisse Group lifted their target price on 3M from $179.00 to $197.00 and gave the company an “outperform” rating in a research report on Wednesday, September 16th. Gordon Haskett upgraded 3M from an “underperform” rating to a “hold” rating and set a $170.00 target price on the stock in a research report on Wednesday, October 7th. Morgan Stanley boosted their price objective on 3M from $166.00 to $173.00 and gave the company an “equal weight” rating in a report on Tuesday, October 13th. JPMorgan Chase & Co. boosted their price objective on 3M from $159.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, October 7th. Finally, Royal Bank of Canada boosted their price objective on 3M from $158.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $167.79.

In related news, SVP John Patrick Banovetz sold 2,228 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $164.81, for a total transaction of $367,196.68. Following the completion of the transaction, the senior vice president now directly owns 10,506 shares of the company’s stock, valued at approximately $1,731,493.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.42% of the company’s stock.

MMM opened at $170.97 on Friday. 3M has a 12 month low of $114.04 and a 12 month high of $182.54. The stock has a market capitalization of $98.48 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 2.14 and a beta of 0.97. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.94 and a quick ratio of 1.36. The business has a fifty day moving average price of $164.90 and a 200 day moving average price of $155.83.

3M (NYSE:MMM) last released its earnings results on Tuesday, July 28th. The conglomerate reported $1.78 EPS for the quarter, topping the Thomson Reuters’ 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 analysts’ expectations of $7.29 billion. During the same period in the previous year, the firm posted $2.20 EPS. 3M’s revenue for the quarter was down 12.2% on a year-over-year basis. On average, research analysts anticipate that 3M will post 8.37 earnings per share for the current year.

3M Company Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

Further Reading: Shanghai Stock Exchange Composite Index

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

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