Heron Financial Group LLC Grows Position in 3M (NYSE:MMM)
Heron Financial Group LLC boosted its stake in 3M (NYSE:MMM) by 6.8% in the third quarter, Holdings Channel.com reports. The firm owned 2,450 shares of the conglomerate’s stock after acquiring an additional 155 shares during the quarter. Heron Financial Group LLC’s holdings in 3M were worth $399,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in MMM. Evolution Wealth Advisors LLC grew its holdings in 3M by 41.1% in the second quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock valued at $39,000 after purchasing an additional 72 shares during the period. Blue Square Asset Management LLC purchased a new stake in 3M in the second quarter valued at approximately $43,000. Weaver Consulting Group grew its holdings in 3M by 51.3% in the second quarter. Weaver Consulting Group now owns 292 shares of the conglomerate’s stock valued at $46,000 after purchasing an additional 99 shares during the period. Prestige Wealth Management Group LLC grew its holdings in 3M by 50.8% in the first quarter. Prestige Wealth Management Group LLC now owns 356 shares of the conglomerate’s stock valued at $49,000 after purchasing an additional 120 shares during the period. Finally, Islay Capital Management LLC grew its holdings in 3M by 250.0% in the second quarter. Islay Capital Management LLC now owns 350 shares of the conglomerate’s stock valued at $55,000 after purchasing an additional 250 shares during the period. Hedge funds and other institutional investors own 64.57% of the company’s stock.
A number of equities research analysts recently issued reports on MMM shares. JPMorgan Chase & Co. boosted their target price on shares of 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 shares of 3M from $166.00 to $173.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Credit Suisse Group boosted their price objective on shares of 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 16th. Barclays boosted their price objective on shares of 3M from $156.00 to $157.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Finally, Gordon Haskett upgraded shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 price objective for the company in a research note on Wednesday, October 7th. Two 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. 3M presently has an average rating of “Hold” and a consensus target price of $167.79.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share for the quarter, beating the 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 net margin of 16.38% and a return on equity of 46.86%. The business’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.20 earnings per share. Equities analysts expect that 3M will post 8.37 earnings per share for the current year.
In related news, SVP John Patrick Banovetz sold 2,228 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $164.81, for a total value of $367,196.68. Following the sale, the senior vice president now directly owns 10,506 shares of the company’s stock, valued at $1,731,493.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.42% of the stock is currently owned by corporate insiders.
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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