Ropes Wealth Advisors LLC Sells 404 Shares of 3M Co (NYSE:MMM)

Ropes Wealth Advisors LLC trimmed its holdings in 3M Co (NYSE:MMM) by 1.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,962 shares of the conglomerate’s stock after selling 404 shares during the quarter. 3M accounts for 0.8% of Ropes Wealth Advisors LLC’s portfolio, making the stock its 26th largest holding. Ropes Wealth Advisors LLC’s holdings in 3M were worth $3,894,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in shares of 3M in the fourth quarter valued at $877,754,000. Advisor Group Holdings Inc. acquired a new position in shares of 3M in the first quarter valued at $36,671,000. Flossbach Von Storch AG raised its stake in shares of 3M by 33.4% in the first quarter. Flossbach Von Storch AG now owns 7,767,020 shares of the conglomerate’s stock valued at $1,060,276,000 after purchasing an additional 1,944,377 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of 3M by 3,725.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,450,861 shares of the conglomerate’s stock valued at $255,131,000 after purchasing an additional 1,412,934 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of 3M by 58.0% in the fourth quarter. Alliancebernstein L.P. now owns 2,663,207 shares of the conglomerate’s stock valued at $469,843,000 after purchasing an additional 977,188 shares in the last quarter. 65.67% of the stock is owned by institutional investors.

Shares of NYSE:MMM traded down $3.46 during midday trading on Monday, reaching $156.37. The company’s stock had a trading volume of 1,789,500 shares, compared to its average volume of 4,054,493. 3M Co has a fifty-two week low of $114.04 and a fifty-two week high of $187.72. The company has a market capitalization of $89.94 billion, a P/E ratio of 18.35, a P/E/G ratio of 2.09 and a beta of 0.99. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.65 and a quick ratio of 1.19. The business’s fifty day simple moving average is $157.66 and its 200-day simple moving average is $154.69.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.13. 3M had a return on equity of 50.24% and a net margin of 15.37%. The company had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period last year, the company posted $2.23 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, analysts forecast that 3M Co will post 8.05 earnings per share for the current fiscal year.

In related news, EVP Michael G. Vale sold 14,062 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $148.34, for a total value of $2,085,957.08. Following the transaction, the executive vice president now owns 46,900 shares in the company, valued at $6,957,146. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael F. Roman sold 7,894 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $148.70, for a total value of $1,173,837.80. Following the completion of the transaction, the chief executive officer now owns 57,868 shares in the company, valued at approximately $8,604,971.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,184 shares of company stock worth $5,930,874. 0.42% of the stock is owned by company insiders.

A number of brokerages recently commented on MMM. Deutsche Bank upped their target price on 3M from $158.00 to $163.00 and gave the company a “hold” rating in a research note on Wednesday, April 29th. Royal Bank of Canada upped their target price on 3M from $143.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Goldman Sachs Group dropped their price objective on 3M from $172.00 to $159.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Langenberg & Company upgraded 3M to a “buy” rating and set a $180.00 price objective for the company in a research note on Thursday, April 9th. Finally, Credit Suisse Group increased their price objective on 3M from $165.00 to $180.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $162.00.

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

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