Garland Capital Management Inc. grew its holdings in 3M (NYSE:MMM) by 131.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 57,395 shares of the conglomerate’s stock after buying an additional 32,590 shares during the quarter. 3M comprises approximately 3.5% of Garland Capital Management Inc.’s portfolio, making the stock its 13th largest holding. Garland Capital Management Inc.’s holdings in 3M were worth $9,194,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in shares of 3M by 14.6% in the second quarter. Bank of New York Mellon Corp now owns 7,146,801 shares of the conglomerate’s stock valued at $1,114,829,000 after buying an additional 910,485 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of 3M by 8.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 7,000,716 shares of the conglomerate’s stock valued at $1,092,042,000 after buying an additional 554,002 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of 3M by 9,250.5% in the second quarter. Fisher Asset Management LLC now owns 4,429,230 shares of the conglomerate’s stock valued at $690,916,000 after buying an additional 4,381,861 shares in the last quarter. Morgan Stanley increased its position in 3M by 28.0% in the first quarter. Morgan Stanley now owns 3,550,257 shares of the conglomerate’s stock worth $484,645,000 after purchasing an additional 777,513 shares during the period. Finally, FMR LLC increased its position in 3M by 28.4% in the second quarter. FMR LLC now owns 2,983,238 shares of the conglomerate’s stock worth $465,355,000 after purchasing an additional 659,549 shares during the period. Institutional investors own 64.57% of the company’s stock.

In other news, SVP John Patrick Banovetz sold 2,228 shares of 3M stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $164.81, for a total transaction of $367,196.68. Following the transaction, the senior vice president now owns 10,506 shares in the company, valued at approximately $1,731,493.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.42% of the company’s stock.

MMM traded down $0.91 during midday trading on Friday, reaching $169.80. 2,137,484 shares of the company were exchanged, compared to its average volume of 3,526,436. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.36 and a current ratio of 1.94. 3M has a one year low of $114.04 and a one year high of $182.54. The stock has a market capitalization of $97.81 billion, a P/E ratio of 19.25, a PEG ratio of 2.13 and a beta of 0.97. The stock’s 50-day simple moving average is $165.71 and its 200 day simple moving average is $157.06.

3M (NYSE:MMM) last issued its earnings results on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.01. 3M had a return on equity of 46.86% and a net margin of 16.38%. The firm had revenue of $7.18 billion for the quarter, compared to analysts’ expectations of $7.29 billion. During the same quarter last year, the business earned $2.20 earnings per share. The company’s revenue was down 12.2% compared to the same quarter last year. On average, research analysts anticipate that 3M will post 8.37 earnings per share for the current year.

A number of analysts recently commented on the company. Gordon Haskett upgraded 3M from an “underperform” rating to a “hold” rating and set a $170.00 price objective for the company in a research report on Wednesday, October 7th. JPMorgan Chase & Co. lifted their price objective on 3M from $159.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 7th. Barclays lifted their price objective on 3M from $156.00 to $157.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 29th. Morgan Stanley lifted their price objective on 3M from $166.00 to $173.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 13th. Finally, Royal Bank of Canada lifted their price objective on 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $167.79.

About 3M

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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