Ferguson Wellman Capital Management Inc. Reduces Position in 3M Company (NYSE:MMM)

Ferguson Wellman Capital Management Inc. lowered its position in shares of 3M Company (NYSE:MMM) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 34,947 shares of the conglomerate’s stock after selling 569 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in 3M were worth $7,276,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jackson Grant Investment Advisers Inc. increased its position in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after buying an additional 4 shares during the period. Founders Capital Management LLC boosted its stake in 3M by 0.4% in the first quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock worth $371,000 after buying an additional 8 shares in the last quarter. Baystate Wealth Management LLC boosted its stake in 3M by 0.6% in the first quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock worth $370,000 after buying an additional 11 shares in the last quarter. Capital Management Corp VA boosted its stake in 3M by 0.3% in the first quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock worth $753,000 after buying an additional 11 shares in the last quarter. Finally, Smith Chas P & Associates PA Cpas boosted its stake in 3M by 0.7% in the first quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock worth $374,000 after buying an additional 13 shares in the last quarter. 65.80% of the stock is currently owned by institutional investors and hedge funds.

Shares of 3M Company (MMM) opened at 205.98 on Friday. The firm has a market capitalization of $122.92 billion, a PE ratio of 23.49 and a beta of 1.08. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57. The company has a 50-day moving average of $207.94 and a 200-day moving average of $196.43.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. The company 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%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.08 earnings per share. Equities research analysts predict that 3M Company will post $8.94 EPS for the current fiscal year.

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A number of analysts have recently weighed in on MMM shares. Jefferies Group LLC raised their price target on shares of 3M from $210.00 to $219.00 and gave the company a “buy” rating in a report on Wednesday, April 19th. Credit Suisse Group restated a “buy” rating on shares of 3M in a report on Thursday, April 27th. Stifel Nicolaus raised their price target on shares of 3M from $190.00 to $202.00 and gave the company a “hold” rating in a report on Wednesday, April 26th. Vetr upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $183.19 price target on the stock in a report on Friday, April 14th. Finally, Barclays PLC restated an “overweight” rating and issued a $201.00 price target (up from $200.00) on shares of 3M in a report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price 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 value of $2,877,598.08. Following 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 accessible through the SEC website. Corporate insiders own 0.58% of the company’s stock.

About 3M

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.

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

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