3M (NYSE:MMM) Shares Acquired by Surevest LLC
Surevest LLC lifted its stake in shares of 3M (NYSE:MMM) by 6.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,891 shares of the conglomerate’s stock after buying an additional 1,351 shares during the quarter. Surevest LLC’s holdings in 3M were worth $3,346,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in MMM. Fluent Financial LLC lifted its stake in 3M by 1.3% in the third quarter. Fluent Financial LLC now owns 35,407 shares of the conglomerate’s stock valued at $5,671,000 after buying an additional 447 shares during the last quarter. Mission Wealth Management LP lifted its stake in 3M by 4.2% in the third quarter. Mission Wealth Management LP now owns 6,454 shares of the conglomerate’s stock valued at $1,034,000 after buying an additional 259 shares during the last quarter. Asio Capital LLC purchased a new stake in 3M in the third quarter valued at approximately $1,783,000. Roman Butler Fullerton & Co. purchased a new stake in 3M in the third quarter valued at approximately $355,000. Finally, First Citizens Bank & Trust Co. lifted its stake in 3M by 13.5% in the third quarter. First Citizens Bank & Trust Co. now owns 13,977 shares of the conglomerate’s stock valued at $2,239,000 after buying an additional 1,666 shares during the last quarter. 64.57% of the stock is owned by institutional investors and hedge funds.
MMM stock traded up $1.89 on Friday, reaching $170.97. 2,478,787 shares of the company’s stock were exchanged, compared to its average volume of 3,569,208. The stock has a fifty day moving average of $164.90 and a 200-day moving average of $155.83. 3M has a twelve month low of $114.04 and a twelve month high of $182.54. The firm has a market cap of $98.48 billion, a PE ratio of 19.38, a P/E/G ratio of 2.14 and a beta of 0.97. The company has a quick ratio of 1.36, a current ratio of 1.94 and a debt-to-equity ratio of 1.77.
MMM has been the topic of a number of recent research reports. Barclays boosted their target price on 3M from $156.00 to $157.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Gordon Haskett raised 3M from an “underperform” rating to a “hold” rating and set a $170.00 target price on the stock in a report on Wednesday, October 7th. JPMorgan Chase & Co. boosted their target price on 3M from $159.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, October 7th. Royal Bank of Canada boosted their target price on 3M from $158.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, July 29th. Finally, Morgan Stanley boosted their target price on 3M from $166.00 to $173.00 and gave the company an “equal weight” rating in a report on Tuesday, October 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $167.79.
In other 3M news, SVP John Patrick Banovetz sold 2,228 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $164.81, for a total value of $367,196.68. Following the sale, the senior vice president now 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 can be accessed through the SEC website. 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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