Raymond James Trust N.A. boosted its stake in 3M (NYSE:MMM) by 0.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 69,421 shares of the conglomerate’s stock after purchasing an additional 443 shares during the period. Raymond James Trust N.A.’s holdings in 3M were worth $12,134,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the business. Summit X LLC purchased a new stake in shares of 3M during the third quarter worth $48,000. Adams Wealth Management acquired a new position in 3M during the 3rd quarter worth $32,000. Aua Capital Management LLC purchased a new stake in 3M during the 3rd quarter worth about $41,000. Evolution Wealth Advisors LLC increased its holdings in 3M by 47.4% during the 3rd quarter. Evolution Wealth Advisors LLC now owns 364 shares of the conglomerate’s stock worth $58,000 after purchasing an additional 117 shares during the period. Finally, ARK Investment Management LLC increased its holdings in 3M by 38.3% during the 3rd quarter. ARK Investment Management LLC now owns 379 shares of the conglomerate’s stock worth $61,000 after purchasing an additional 105 shares during the period. Institutional investors and hedge funds own 61.08% of the company’s stock.
3M stock traded down $0.23 during mid-day trading on Wednesday, reaching $166.28. 1,935,648 shares of the company were exchanged, compared to its average volume of 3,377,029. 3M has a twelve month low of $114.04 and a twelve month high of $182.54. The firm’s 50-day simple moving average is $173.20 and its two-hundred day simple moving average is $165.46. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.37 and a current ratio of 1.90. The firm has a market cap of $95.91 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 2.13 and a beta of 0.93.
Several equities research analysts have weighed in on MMM shares. BidaskClub downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, December 28th. Zacks Investment Research downgraded 3M from a “buy” rating to a “hold” rating and set a $182.00 price objective on the stock. in a report on Tuesday, December 15th. Credit Suisse Group increased their price objective on 3M from $179.00 to $197.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. William Blair reiterated a “market perform” rating on shares of 3M in a report on Tuesday, October 27th. Finally, Gordon Haskett raised 3M from an “underperform” rating to a “hold” rating and set a $170.00 target price for the company in a research report on Wednesday, October 7th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $173.00.
In other news, EVP Khandpur K. Ashish sold 5,760 shares of the firm’s stock in a transaction that occurred on Thursday, December 17th. The stock was sold at an average price of $176.44, for a total value of $1,016,294.40. Following the completion of the sale, the executive vice president now directly owns 21,719 shares of the company’s stock, valued at approximately $3,832,100.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Ivan K. Fong sold 15,073 shares of the firm’s stock in a transaction that occurred on Monday, November 16th. The shares were sold at an average price of $172.62, for a total value of $2,601,901.26. Following the completion of the sale, the senior vice president now directly owns 47,886 shares of the company’s stock, valued at $8,266,081.32. The disclosure for this sale can be found here. Insiders have sold a total of 27,052 shares of company stock valued at $4,688,423 over the last ninety days. 0.42% of the stock is owned by insiders.
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.
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