James Hambro & Partners acquired a new position in 3M (NYSE:MMM) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,700 shares of the conglomerate’s stock, valued at approximately $328,000.
Several other hedge funds have also modified their holdings of MMM. Financial Avengers Inc. purchased a new stake in shares of 3M in the fourth quarter worth $26,000. IronBridge Private Wealth LLC purchased a new stake in 3M during the fourth quarter valued at about $26,000. Newfound Research LLC purchased a new stake in 3M during the fourth quarter valued at about $41,000. Wolff Wiese Magana LLC purchased a new stake in 3M during the fourth quarter valued at about $49,000. Finally, Lederer & Associates Investment Counsel CA purchased a new stake in 3M during the first quarter valued at about $52,000. Institutional investors own 64.68% of the company’s stock.
NYSE MMM opened at $198.61 on Tuesday. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.90 and a quick ratio of 1.37. The stock has a market capitalization of $115.13 billion, a PE ratio of 23.28, a PEG ratio of 1.85 and a beta of 0.92. 3M has a 1 year low of $131.12 and a 1 year high of $203.15. The business’s 50-day moving average is $195.03 and its 200 day moving average is $178.49.
In other 3M news, EVP Kristen M. Ludgate sold 933 shares of the stock in a transaction dated Wednesday, April 21st. The shares were sold at an average price of $200.00, for a total transaction of $186,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Ivan K. Fong sold 12,059 shares of the company’s stock in a transaction dated Friday, April 30th. The shares were sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the sale, the vice president now owns 47,872 shares in the company, valued at $9,500,677.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,042 shares of company stock worth $2,588,687. Insiders own 0.42% of the company’s stock.
A number of equities research analysts have weighed in on the company. Royal Bank of Canada raised their price target on 3M from $198.00 to $200.00 and gave the company a “sector perform” rating in a research report on Tuesday. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and set a $205.00 price target on the stock in a research report on Wednesday, January 27th. Morgan Stanley raised their price target on 3M from $188.00 to $200.00 and gave the company an “equal weight” rating in a research report on Monday, April 19th. Bank of America downgraded 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price objective on the stock. in a report on Thursday, January 7th. Finally, Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $200.00 price objective on the stock in a report on Wednesday, February 3rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $193.45.
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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