Hoertkorn Richard Charles bought a new position in 3M Company (NYSE:MMM) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 600 shares of the conglomerate’s stock, valued at approximately $126,000.
A number of other hedge funds have also recently added to or reduced their stakes in MMM. Atwood & Palmer Inc. grew its stake in 3M by 2.6% in the 1st quarter. Atwood & Palmer Inc. now owns 1,246 shares of the conglomerate’s stock worth $238,000 after acquiring an additional 32 shares during the period. Canal Capital Management LLC purchased a new stake in 3M in the 1st quarter worth approximately $1,159,000. Coconut Grove Bank grew its stake in 3M by 3.0% in the 1st quarter. Coconut Grove Bank now owns 3,364 shares of the conglomerate’s stock worth $644,000 after acquiring an additional 97 shares during the period. Advisor Partners LLC grew its stake in 3M by 9.8% in the 1st quarter. Advisor Partners LLC now owns 14,086 shares of the conglomerate’s stock worth $2,695,000 after acquiring an additional 1,256 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in 3M in the 1st quarter worth approximately $1,390,000. 66.21% of the stock is owned by hedge funds and other institutional investors.
MMM has been the subject of several recent analyst reports. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Credit Suisse Group reaffirmed an “outperform” rating and issued a $237.00 target price (up from $229.00) on shares of 3M in a research note on Wednesday, October 11th. J P Morgan Chase & Co cut shares of 3M from a “neutral” rating to an “underweight” rating and boosted their price objective for the company from $185.00 to $201.00 in a research note on Wednesday, September 20th. Bank of America Corporation boosted their price objective on shares of 3M from $227.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Finally, Morgan Stanley reissued an “underweight” rating and set a $191.00 price objective (down from $193.00) on shares of 3M in a research note on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $230.44.
3M Company (NYSE MMM) traded up 0.53% during trading on Wednesday, hitting $231.40. 300,984 shares of the company traded hands. The firm has a market cap of $138.09 billion, a P/E ratio of 26.39 and a beta of 1.09. 3M Company has a one year low of $163.91 and a one year high of $238.90. The firm has a 50 day moving average of $217.60 and a 200 day moving average of $207.40.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the prior year, the business posted $2.15 EPS. 3M’s quarterly revenue was up 6.0% on a year-over-year basis. On average, analysts expect that 3M Company will post $9.08 earnings per share for the current fiscal year.
In other news, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the transaction, the insider now owns 5,503 shares in the company, valued at approximately $1,134,498.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now owns 9,010 shares in the company, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,787 shares of company stock worth $5,304,971. 0.58% of the stock is currently owned by company insiders.
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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, , 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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