Sumitomo Mitsui DS Asset Management Company Ltd trimmed its holdings in shares of 3M Co (NYSE:MMM) by 0.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 97,578 shares of the conglomerate’s stock after selling 653 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in 3M were worth $17,214,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Sumitomo Life Insurance Co. increased its position in shares of 3M by 6.6% during the fourth quarter. Sumitomo Life Insurance Co. now owns 23,339 shares of the conglomerate’s stock worth $4,117,000 after purchasing an additional 1,446 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in 3M by 8.7% in the 4th quarter. Chicago Partners Investment Group LLC now owns 4,773 shares of the conglomerate’s stock valued at $864,000 after purchasing an additional 384 shares in the last quarter. Accredited Investors Inc. raised its position in 3M by 28.1% in the 4th quarter. Accredited Investors Inc. now owns 20,716 shares of the conglomerate’s stock valued at $3,655,000 after purchasing an additional 4,540 shares in the last quarter. Breiter Capital Management Inc. raised its position in 3M by 1.7% in the 4th quarter. Breiter Capital Management Inc. now owns 5,081 shares of the conglomerate’s stock valued at $896,000 after purchasing an additional 86 shares in the last quarter. Finally, AMI Asset Management Corp raised its position in 3M by 13.9% in the 4th quarter. AMI Asset Management Corp now owns 1,423 shares of the conglomerate’s stock valued at $251,000 after purchasing an additional 174 shares in the last quarter. Hedge funds and other institutional investors own 66.49% of the company’s stock.
A number of equities research analysts have issued reports on MMM shares. Deutsche Bank increased their price target on 3M from $160.00 to $176.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $179.00 price target on the stock in a research report on Tuesday, December 10th. Morgan Stanley cut their target price on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. Citigroup lowered 3M from a “buy” rating to a “neutral” rating and set a $180.00 target price on the stock. in a research report on Monday, December 9th. Finally, Royal Bank of Canada cut their target price on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, October 25th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $174.08.
Shares of NYSE MMM traded down $0.74 during midday trading on Friday, hitting $177.86. 185,893 shares of the company’s stock were exchanged, compared to its average volume of 2,150,470. The company has a debt-to-equity ratio of 1.68, a current ratio of 2.30 and a quick ratio of 1.79. 3M Co has a twelve month low of $150.58 and a twelve month high of $219.75. The company has a market cap of $102.38 billion, a PE ratio of 21.14, a P/E/G ratio of 1.95 and a beta of 1.10. The firm’s fifty day simple moving average is $175.92 and its 200-day simple moving average is $168.73.
3M (NYSE:MMM) last issued its earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.49 by $0.09. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. The business’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the company earned $2.58 EPS. Equities analysts anticipate that 3M Co will post 9.04 EPS for the current fiscal year.
3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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