IFM Investors Pty Ltd Grows Stock Holdings in 3M (NYSE:MMM)

IFM Investors Pty Ltd raised its stake in 3M (NYSE:MMM) by 11.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,247 shares of the conglomerate’s stock after buying an additional 5,030 shares during the period. IFM Investors Pty Ltd’s holdings in 3M were worth $7,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in MMM. Evolution Wealth Advisors LLC boosted its position in 3M by 41.1% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock valued at $39,000 after buying an additional 72 shares during the period. Blue Square Asset Management LLC purchased a new stake in 3M in the 2nd quarter valued at about $43,000. Weaver Consulting Group boosted its position in 3M by 51.3% in the 2nd quarter. Weaver Consulting Group now owns 292 shares of the conglomerate’s stock valued at $46,000 after buying an additional 99 shares during the period. Prestige Wealth Management Group LLC boosted its position in 3M by 50.8% in the 1st quarter. Prestige Wealth Management Group LLC now owns 356 shares of the conglomerate’s stock valued at $49,000 after buying an additional 120 shares during the period. Finally, Islay Capital Management LLC boosted its position in 3M by 250.0% in the 2nd quarter. Islay Capital Management LLC now owns 350 shares of the conglomerate’s stock valued at $55,000 after buying an additional 250 shares during the period. 64.57% of the stock is owned by institutional investors.

Shares of NYSE MMM traded up $1.89 during trading hours on Friday, hitting $170.97. 2,478,787 shares of the stock were exchanged, compared to its average volume of 3,569,208. The company has a quick ratio of 1.36, a current ratio of 1.94 and a debt-to-equity ratio of 1.77. The company has a market cap of $98.48 billion, a PE ratio of 19.38, a PEG ratio of 2.14 and a beta of 0.97. The firm has a fifty day moving average price of $164.90 and a 200-day moving average price of $155.83. 3M has a 12 month low of $114.04 and a 12 month high of $182.54.

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

In related news, SVP John Patrick Banovetz sold 2,228 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $164.81, for a total transaction of $367,196.68. Following the completion of the transaction, the senior vice president now owns 10,506 shares in the company, valued at approximately $1,731,493.86. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.42% of the company’s stock.

Several research firms have issued reports on MMM. Credit Suisse Group boosted their price objective on shares of 3M from $179.00 to $197.00 and gave the company an “outperform” rating in a research report on Wednesday, September 16th. Royal Bank of Canada upped their price target on shares of 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 29th. Gordon Haskett raised shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 price target for the company in a research report on Wednesday, October 7th. Morgan Stanley upped their price target on shares of 3M from $166.00 to $173.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of 3M from $159.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 7th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and a consensus target price of $167.79.

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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