Oppenheimer Asset Management Inc. Acquires New Stake in 3M Company (MMM)

Oppenheimer Asset Management Inc. acquired a new position in 3M Company (NYSE:MMM) during the first quarter, according to its most recent filing with the SEC. The fund acquired 74,752 shares of the conglomerate’s stock, valued at approximately $14,301,000.

Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. boosted its position in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the last quarter. Karp Capital Management Corp boosted its position in 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares during the last quarter. Swiss National Bank boosted its position in 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after buying an additional 447,900 shares during the last quarter. Bank of New York Mellon Corp boosted its position in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the last quarter. Finally, State of Tennessee Treasury Department boosted its position in 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after buying an additional 220,741 shares during the last quarter. 65.80% of the stock is owned by hedge funds and other institutional investors.

3M Company (NYSE MMM) traded down 0.13% during midday trading on Friday, hitting $205.97. 344,357 shares of the stock traded hands. 3M Company has a one year low of $163.85 and a one year high of $214.57. The company’s 50-day moving average is $208.12 and its 200-day moving average is $196.24. The company has a market cap of $122.92 billion, a PE ratio of 23.49 and a beta of 1.08.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.59 by $0.01. The firm had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. 3M’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the company posted $2.08 earnings per share. Equities research analysts expect that 3M Company will post $8.94 EPS for the current fiscal year.

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MMM has been the subject of a number of research analyst reports. Jefferies Group LLC increased their price objective on shares of 3M from $210.00 to $219.00 and gave the stock a “buy” rating in a research report on Wednesday, April 19th. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M in a research report on Thursday, April 27th. Stifel Nicolaus increased their price objective on shares of 3M from $190.00 to $202.00 and gave the stock a “hold” rating in a research report on Wednesday, April 26th. Vetr raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.19 price objective for the company in a research report on Friday, April 14th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $201.00 price objective (up previously from $200.00) on shares of 3M in a research report on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $203.40.

In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the company’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total value of $2,877,598.08. Following the completion of the transaction, the vice president now directly owns 24,480 shares in the company, valued at $4,770,662.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.58% of the stock is currently owned by corporate insiders.

3M Company Profile

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

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

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