Bridges Investment Counsel Inc. Has $2.15 Million Stake in 3M Company (MMM)
Bridges Investment Counsel Inc. lowered its position in shares of 3M Company (NYSE:MMM) by 53.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,235 shares of the conglomerate’s stock after selling 11,983 shares during the period. 3M makes up about 1.2% of Bridges Investment Counsel Inc.’s investment portfolio, making the stock its 23rd largest position. Bridges Investment Counsel Inc.’s holdings in 3M were worth $2,148,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. MPS Loria Financial Planners LLC purchased a new stake in shares of 3M during the second quarter valued at approximately $124,000. Proficio Capital Partners LLC raised its stake in shares of 3M by 156.0% during the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after purchasing an additional 404 shares during the period. Harfst & Associates Inc. raised its stake in shares of 3M by 17.0% during the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after purchasing an additional 100 shares during the period. Jackson Grant Investment Advisers Inc. raised its stake in shares of 3M by 0.6% during the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after purchasing an additional 4 shares during the period. Finally, Ironwood Investment Management LLC purchased a new stake in shares of 3M during the second quarter valued at approximately $203,000. Institutional investors own 66.18% of the company’s stock.
Shares of 3M Company (NYSE MMM) traded up 0.2802% during trading on Wednesday, hitting $218.3601. 482,267 shares of the stock traded hands. The company has a market cap of $130.31 billion, a price-to-earnings ratio of 24.9070 and a beta of 1.09. The firm’s 50-day moving average price is $210.45 and its 200-day moving average price is $204.37. 3M Company has a 52 week low of $163.85 and a 52 week high of $219.76.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). The firm had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.08 earnings per share. On average, equities research analysts anticipate that 3M Company will post $8.96 earnings per share for the current year.
A number of analysts have recently issued reports on MMM shares. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. J P Morgan Chase & Co downgraded shares of 3M from a “neutral” rating to an “underweight” rating and raised their price target for the stock from $185.00 to $201.00 in a research report on Wednesday, September 20th. Bank of America Corporation reissued a “buy” rating and set a $227.00 price target on shares of 3M in a research report on Thursday, September 14th. Morgan Stanley reissued an “underweight” rating and set a $191.00 price target (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $209.00 price target on shares of 3M in a research report on Friday, September 15th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $209.77.
In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the sale, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the sale, the vice president now owns 3,066 shares in the company, valued at $633,619.56. The disclosure for this sale can be found here. Insiders sold 9,112 shares of company stock valued at $1,878,890 over the last 90 days. 0.58% of the stock is currently owned by corporate insiders.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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