Beck Mack & Oliver LLC Raises Holdings in 3M Company (MMM)
Beck Mack & Oliver LLC grew its position in shares of 3M Company (NYSE:MMM) by 20.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,462 shares of the conglomerate’s stock after purchasing an additional 3,686 shares during the quarter. Beck Mack & Oliver LLC’s holdings in 3M were worth $4,504,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. MPS Loria Financial Planners LLC purchased a new position in shares of 3M during the second quarter worth about $124,000. Hoertkorn Richard Charles purchased a new position in shares of 3M during the third quarter worth about $126,000. Proficio Capital Partners LLC grew its holdings in shares of 3M by 156.0% during the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after purchasing an additional 404 shares during the last quarter. Harfst & Associates Inc. grew its holdings in shares of 3M by 17.0% during the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after purchasing an additional 100 shares during the last quarter. Finally, Jackson Grant Investment Advisers Inc. grew its holdings 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 worth $137,000 after purchasing an additional 4 shares during the last quarter. 66.21% of the stock is currently owned by institutional investors.
In related news, VP Eric D. Hammes sold 1,428 shares of the company’s stock in a transaction that occurred 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 approximately $633,619.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the sale, the insider now owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold 23,787 shares of company stock valued at $5,304,971 over the last 90 days. 0.58% of the stock is currently owned by insiders.
A number of research firms recently issued reports on MMM. Royal Bank Of Canada reissued a “hold” rating and set a $209.00 price target on shares of 3M in a report on Friday, September 15th. Jefferies Group LLC raised their price target on 3M to $262.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. J P Morgan Chase & Co lowered 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 report on Wednesday, September 20th. Stifel Nicolaus raised their price target on 3M from $220.00 to $244.00 and gave the stock a “hold” rating in a report on Wednesday, October 25th. Finally, Morgan Stanley raised their price target on 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a report on Monday, October 2nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $230.44.
3M Company (NYSE:MMM) traded up 0.53% during midday trading on Wednesday, hitting $231.40. 300,985 shares of the stock were exchanged. 3M Company has a 52 week low of $163.91 and a 52 week high of $238.90. The firm’s 50-day moving average is $217.60 and its 200 day moving average is $207.40. The stock has a market cap of $138.09 billion, a price-to-earnings ratio of 26.39 and a beta of 1.09.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.12. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the firm posted $2.15 earnings per share. Equities research analysts expect that 3M Company will post $9.08 EPS for the current fiscal year.
3M Company Profile
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, , 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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