Private Bank & Trust Co. boosted its position in 3M Company (NYSE:MMM) by 14.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,275 shares of the conglomerate’s stock after buying an additional 1,149 shares during the period. Private Bank & Trust Co.’s holdings in 3M were worth $1,931,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in shares of 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 period. First Eagle Investment Management LLC boosted its stake in shares of 3M by 3.9% in the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after buying an additional 167,491 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of 3M by 0.3% in the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after buying an additional 8,239 shares during the period. American Century Companies Inc. boosted its stake in shares of 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 period. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of 3M by 3.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock worth $534,998,000 after buying an additional 92,789 shares during the period. Institutional investors and hedge funds own 65.80% of the company’s stock.
3M Company (NYSE:MMM) traded down 0.12% on Friday, reaching $205.98. 1,452,811 shares of the company traded hands. The stock has a market capitalization of $122.92 billion, a PE ratio of 23.49 and a beta of 1.08. The firm has a 50 day moving average of $208.12 and a 200-day moving average of $196.24. 3M Company has a one year low of $163.85 and a one year high of $214.57.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period in the prior year, the company earned $2.08 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, analysts anticipate that 3M Company will post $8.94 EPS for the current year.
Several equities research analysts have weighed in on the stock. Citigroup Inc. restated a “buy” rating and issued a $229.00 price objective (up previously from $220.00) on shares of 3M in a research report on Saturday, June 3rd. BidaskClub cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Credit Suisse Group restated a “buy” rating on shares of 3M in a research report on Thursday, April 27th. Morgan Stanley restated an “underweight” rating and issued a $191.00 price objective (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $210.00 price objective on shares of 3M in a research report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $203.40.
In other 3M news, VP Marlene Mary Mcgrath sold 14,766 shares of the stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the sale, the vice president now owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.58% of the company’s stock.
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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