Investment House LLC raised its stake in 3M Co. (NYSE:MMM) by 2.1% during the second quarter, Holdings Channel reports. The institutional investor owned 25,497 shares of the company’s stock after buying an additional 513 shares during the period. Investment House LLC’s holdings in 3M were worth $4,465,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Sarasin & Partners LLP boosted its stake in 3M by 6.6% in the first quarter. Sarasin & Partners LLP now owns 670,470 shares of the company’s stock valued at $111,720,000 after buying an additional 41,588 shares in the last quarter. Commonwealth Equity Services Inc boosted its position in 3M by 5.8% in the first quarter. Commonwealth Equity Services Inc now owns 167,074 shares of the company’s stock valued at $27,840,000 after buying an additional 9,160 shares in the last quarter. Telemus Capital LLC boosted its position in 3M by 4.0% in the first quarter. Telemus Capital LLC now owns 23,003 shares of the company’s stock valued at $3,833,000 after buying an additional 877 shares in the last quarter. Sanders Morris Harris Inc. purchased a new position in 3M during the first quarter valued at $419,000. Finally, Sii Investments Inc. WI boosted its position in 3M by 20.8% in the first quarter. Sii Investments Inc. WI now owns 19,310 shares of the company’s stock valued at $3,209,000 after buying an additional 3,321 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded up 0.18% during midday trading on Friday, reaching $170.33. The company’s stock had a trading volume of 1,512,376 shares. 3M Co. has a one year low of $134.64 and a one year high of $182.27. The company has a market capitalization of $102.95 billion, a P/E ratio of 21.74 and a beta of 0.99. The stock’s 50-day moving average is $176.09 and its 200-day moving average is $173.28.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. 3M had a return on equity of 41.84% and a net margin of 16.29%. The business earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the prior year, the firm earned $2.02 earnings per share. The business’s revenue was down .3% compared to the same quarter last year. On average, equities analysts expect that 3M Co. will post $8.21 earnings per share for the current fiscal year.
MMM has been the subject of several research analyst reports. Jefferies Group raised their price target on 3M from $190.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, July 19th. Credit Suisse Group AG restated a “buy” rating on shares of 3M in a report on Sunday, July 10th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. Deutsche Bank AG restated a “hold” rating and set a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $167.11.
In other news, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $299,516.81. Following the completion of the sale, the vice president now directly owns 1,011 shares in the company, valued at $180,352.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $178.42, for a total value of $1,617,555.72. Following the completion of the sale, the insider now owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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