3M (NYSE:MMM) Shares Acquired by Pettyjohn Wood & White Inc.

Pettyjohn Wood & White Inc. lifted its position in shares of 3M (NYSE:MMM) by 2.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,930 shares of the conglomerate’s stock after acquiring an additional 119 shares during the quarter. Pettyjohn Wood & White Inc.’s holdings in 3M were worth $790,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of MMM. AE Wealth Management LLC boosted its holdings in 3M by 18.4% during the second quarter. AE Wealth Management LLC now owns 37,832 shares of the conglomerate’s stock worth $5,901,000 after buying an additional 5,887 shares in the last quarter. AXA boosted its holdings in 3M by 15.4% during the first quarter. AXA now owns 430,552 shares of the conglomerate’s stock worth $58,775,000 after buying an additional 57,498 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in 3M by 4.7% during the third quarter. Envestnet Asset Management Inc. now owns 542,456 shares of the conglomerate’s stock worth $86,891,000 after buying an additional 24,299 shares in the last quarter. APG Asset Management N.V. boosted its holdings in 3M by 7.0% during the first quarter. APG Asset Management N.V. now owns 1,002,788 shares of the conglomerate’s stock worth $136,891,000 after buying an additional 65,483 shares in the last quarter. Finally, Mitchell Sinkler & Starr PA boosted its holdings in 3M by 8.9% during the second quarter. Mitchell Sinkler & Starr PA now owns 12,226 shares of the conglomerate’s stock worth $1,907,000 after buying an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 64.57% of the company’s stock.

In related news, SVP John Patrick Banovetz sold 2,228 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were 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 owns 10,506 shares of the company’s stock, valued at $1,731,493.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.42% of the company’s stock.

Shares of MMM opened at $161.03 on Wednesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.36 and a current ratio of 1.94. The company has a market capitalization of $92.76 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 2.13 and a beta of 0.97. The company’s 50 day simple moving average is $165.88 and its 200 day simple moving average is $157.73. 3M has a 1 year low of $114.04 and a 1 year high of $182.54.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 27th. The conglomerate reported $2.43 EPS for the quarter, topping the consensus estimate of $2.26 by $0.17. 3M had a net margin of 16.38% and a return on equity of 46.86%. The firm had revenue of $8.35 billion during the quarter, compared to analyst estimates of $8.38 billion. During the same quarter in the prior year, the business posted $2.58 earnings per share. 3M’s revenue for the quarter was up 4.5% compared to the same quarter last year. Equities analysts expect that 3M will post 8.37 EPS for the current fiscal year.

MMM has been the topic of a number of research analyst reports. Gordon Haskett raised shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 price objective on the stock in a report on Wednesday, October 7th. Morgan Stanley boosted their price objective on shares of 3M from $166.00 to $173.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 13th. Credit Suisse Group boosted their price objective on shares of 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Barclays upped their price target on shares of 3M from $156.00 to $157.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. upped their price target on shares of 3M from $159.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, October 7th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $167.08.

3M 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.

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

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