Lederer & Associates Investment Counsel CA Buys New Holdings in 3M Co (MMM)

Lederer & Associates Investment Counsel CA bought a new position in 3M Co (NYSE:MMM) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,880 shares of the conglomerate’s stock, valued at approximately $370,000.

A number of other institutional investors have also recently modified their holdings of MMM. Rainier Group Investment Advisory LLC purchased a new position in shares of 3M during the first quarter valued at approximately $114,000. Quattro Financial Advisors LLC purchased a new position in shares of 3M during the first quarter valued at approximately $119,000. Ballew Advisors Inc purchased a new position in shares of 3M during the first quarter valued at approximately $122,000. Stelac Advisory Services LLC purchased a new position in shares of 3M during the first quarter valued at approximately $125,000. Finally, BDO Wealth Advisors LLC raised its holdings in shares of 3M by 359.4% during the first quarter. BDO Wealth Advisors LLC now owns 712 shares of the conglomerate’s stock valued at $156,000 after purchasing an additional 557 shares during the last quarter. 65.76% of the stock is owned by institutional investors and hedge funds.

MMM has been the subject of several research reports. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a report on Wednesday, April 11th. Royal Bank of Canada decreased their price objective on shares of 3M to $227.00 and set an “underperform” rating for the company in a report on Wednesday, April 25th. Argus decreased their price objective on shares of 3M from $285.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 25th. Barclays decreased their price objective on shares of 3M from $230.00 to $210.00 and set an “underweight” rating for the company in a report on Wednesday, April 25th. Finally, Citigroup set a $263.00 price objective on shares of 3M and gave the company a “buy” rating in a report on Saturday, June 9th. Five analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $234.03.

Shares of MMM stock opened at $207.29 on Friday. 3M Co has a 12 month low of $190.57 and a 12 month high of $259.77. The company has a market cap of $120.57 billion, a price-to-earnings ratio of 21.59, a price-to-earnings-growth ratio of 1.95 and a beta of 1.17. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, beating the Zacks’ consensus estimate of $2.58 by $0.01. 3M had a net margin of 13.44% and a return on equity of 51.31%. The business had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.36 billion. During the same period in the prior year, the company earned $2.58 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. research analysts predict that 3M Co will post 10.37 earnings per share for the current year.

3M Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

See Also: Market Capitalization in the Stock Market

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

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