Carroll Financial Associates Inc. Has $1.86 Million Holdings in 3M Co (MMM)
Carroll Financial Associates Inc. raised its stake in 3M Co (NYSE:MMM) by 2.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,720 shares of the conglomerate’s stock after buying an additional 262 shares during the quarter. Carroll Financial Associates Inc.’s holdings in 3M were worth $1,855,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of MMM. First Hawaiian Bank grew its holdings in shares of 3M by 16.6% during the 4th quarter. First Hawaiian Bank now owns 9,661 shares of the conglomerate’s stock worth $1,840,000 after purchasing an additional 1,372 shares during the period. State of Alaska Department of Revenue boosted its holdings in 3M by 2.4% during the 4th quarter. State of Alaska Department of Revenue now owns 164,784 shares of the conglomerate’s stock valued at $31,395,000 after acquiring an additional 3,906 shares during the period. United Capital Management of KS Inc. boosted its holdings in 3M by 8.7% during the 4th quarter. United Capital Management of KS Inc. now owns 8,429 shares of the conglomerate’s stock valued at $1,606,000 after acquiring an additional 678 shares during the period. Welch Group LLC boosted its holdings in 3M by 2.9% during the 4th quarter. Welch Group LLC now owns 121,094 shares of the conglomerate’s stock valued at $23,073,000 after acquiring an additional 3,367 shares during the period. Finally, Arlington Partners LLC boosted its holdings in 3M by 177.8% during the 4th quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock valued at $119,000 after acquiring an additional 400 shares during the period. Institutional investors own 66.17% of the company’s stock.
MMM stock opened at $192.21 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $111.97 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 1.75 and a beta of 1.14. 3M Co has a 1 year low of $176.87 and a 1 year high of $259.77.
3M announced that its Board of Directors has authorized a stock repurchase program on Tuesday, November 13th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the conglomerate to reacquire up to 8.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other 3M news, Director Gregory R. Page bought 1,000 shares of the business’s stock in a transaction dated Friday, October 26th. The shares were acquired at an average price of $184.50 per share, with a total value of $184,500.00. Following the transaction, the director now owns 1,500 shares of the company’s stock, valued at $276,750. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.72% of the stock is currently owned by company insiders.
MMM has been the subject of a number of research analyst reports. Credit Suisse Group initiated coverage on 3M in a report on Friday, October 12th. They set an “outperform” rating and a $228.00 target price for the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Monday, October 29th. Barclays lowered their target price on 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a report on Wednesday, October 24th. Citigroup lowered their target price on 3M from $251.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Finally, Royal Bank of Canada restated a “buy” rating and set a $213.00 target price on shares of 3M in a report on Wednesday, December 19th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $224.30.
3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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