KMG Fiduciary Partners LLC increased its holdings in shares of 3M (NYSE:MMM) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,471 shares of the conglomerate’s stock after acquiring an additional 363 shares during the period. KMG Fiduciary Partners LLC’s holdings in 3M were worth $1,110,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. First Hawaiian Bank lifted its holdings in 3M by 3.4% during the 4th quarter. First Hawaiian Bank now owns 9,951 shares of the conglomerate’s stock worth $1,740,000 after buying an additional 331 shares in the last quarter. Sunbelt Securities Inc. raised its stake in 3M by 118.5% during the 3rd quarter. Sunbelt Securities Inc. now owns 16,333 shares of the conglomerate’s stock worth $2,585,000 after buying an additional 8,859 shares during the period. LSV Asset Management raised its stake in 3M by 3,127.1% during the 3rd quarter. LSV Asset Management now owns 225,900 shares of the conglomerate’s stock worth $36,184,000 after buying an additional 218,900 shares during the period. Citizens Financial Group Inc RI raised its stake in 3M by 8.5% during the 3rd quarter. Citizens Financial Group Inc RI now owns 17,488 shares of the conglomerate’s stock worth $2,802,000 after buying an additional 1,370 shares during the period. Finally, First National Trust Co increased its holdings in 3M by 3.3% during the 3rd quarter. First National Trust Co now owns 45,604 shares of the conglomerate’s stock worth $7,305,000 after purchasing an additional 1,452 shares in the last quarter. Institutional investors and hedge funds own 61.08% of the company’s stock.
In related news, SVP Ivan K. Fong sold 15,073 shares of the company’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 transaction of $2,601,901.26. Following the sale, the senior vice president now directly owns 47,886 shares in the company, valued at approximately $8,266,081.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Khandpur K. Ashish sold 5,760 shares of the company’s stock in a transaction that occurred on Thursday, December 17th. The shares were sold at an average price of $176.44, for a total transaction of $1,016,294.40. Following the sale, the executive vice president now owns 21,719 shares in the company, valued at $3,832,100.36. The disclosure for this sale can be found here. Insiders have sold a total of 27,052 shares of company stock worth $4,688,423 over the last 90 days. 0.42% of the stock is currently owned by corporate insiders.
3M (NYSE:MMM) last announced its quarterly earnings results on Sunday, November 1st. The conglomerate reported $2.43 EPS for the quarter, beating the Zacks’ consensus estimate of $2.26 by $0.17. The company had revenue of $8.35 billion for the quarter, compared to analysts’ expectations of $8.38 billion. 3M had a net margin of 15.65% and a return on equity of 44.77%. 3M’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.58 EPS. On average, equities analysts predict that 3M will post 8.61 EPS for the current year.
Several brokerages have recently weighed in on MMM. JPMorgan Chase & Co. raised 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. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $182.00 price objective for the company. in a research report on Tuesday, December 15th. Morgan Stanley raised their price objective on shares of 3M from $176.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Gordon Haskett upgraded shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 price target for the company in a research report on Wednesday, October 7th. Finally, TheStreet raised shares of 3M from a “c+” rating to a “b” rating in a research note on Tuesday, October 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $173.00.
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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