DAVENPORT & Co LLC Grows Stake in 3M (NYSE:MMM)

DAVENPORT & Co LLC grew its stake in shares of 3M (NYSE:MMM) by 16.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 452,932 shares of the conglomerate’s stock after buying an additional 65,113 shares during the period. DAVENPORT & Co LLC owned 0.08% of 3M worth $72,551,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Fisher Asset Management LLC boosted its holdings in shares of 3M by 9,250.5% during the second quarter. Fisher Asset Management LLC now owns 4,429,230 shares of the conglomerate’s stock worth $690,916,000 after purchasing an additional 4,381,861 shares during the last quarter. Advisor Group Holdings Inc. purchased a new stake in shares of 3M during the first quarter worth about $36,671,000. Federated Hermes Inc. increased its position in shares of 3M by 9,539.9% during the second quarter. Federated Hermes Inc. now owns 954,250 shares of the conglomerate’s stock worth $148,853,000 after acquiring an additional 944,351 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of 3M by 14.6% during the second quarter. Bank of New York Mellon Corp now owns 7,146,801 shares of the conglomerate’s stock worth $1,114,829,000 after acquiring an additional 910,485 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of 3M by 28.0% during the first quarter. Morgan Stanley now owns 3,550,257 shares of the conglomerate’s stock worth $484,645,000 after acquiring an additional 777,513 shares during the last quarter. 64.57% of the stock is owned by institutional investors.

Several brokerages recently weighed in on MMM. Royal Bank of Canada boosted their price objective on 3M from $158.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price objective on 3M from $159.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, October 7th. Morgan Stanley boosted their price objective on 3M from $166.00 to $173.00 and gave the company an “equal weight” rating in a report on Tuesday. Barclays boosted their price objective on 3M from $156.00 to $157.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Finally, Credit Suisse Group boosted their price objective on 3M from $179.00 to $197.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. 3M has an average rating of “Hold” and an average price target of $167.79.

Shares of NYSE MMM traded up $1.89 during midday trading on Friday, hitting $170.97. 2,478,787 shares of the company’s stock were exchanged, compared to its average volume of 3,569,208. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.94 and a quick ratio of 1.36. The stock’s 50 day moving average price is $164.90 and its 200-day moving average price is $155.83. The firm has a market cap of $98.48 billion, a P/E ratio of 19.38, a PEG ratio of 2.14 and a beta of 0.97. 3M has a twelve month low of $114.04 and a twelve month high of $182.54.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.77 by $0.01. The business had revenue of $7.18 billion during the quarter, compared to the consensus estimate of $7.29 billion. 3M had a return on equity of 46.86% and a net margin of 16.38%. The business’s revenue was down 12.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.20 earnings per share. On average, analysts expect that 3M will post 8.37 EPS for the current fiscal year.

In other 3M news, SVP John Patrick Banovetz sold 2,228 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $164.81, for a total value of $367,196.68. Following the completion of the sale, the senior vice president now directly owns 10,506 shares in the company, valued at $1,731,493.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.42% of the company’s stock.

3M Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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

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