Louisiana State Employees Retirement System cut its stake in 3M Co. (NYSE:MMM) by 1.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 39,800 shares of the company’s stock after selling 700 shares during the period. Louisiana State Employees Retirement System’s holdings in 3M were worth $6,970,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Douglas Lane & Associates LLC purchased a new stake in 3M during the first quarter valued at about $6,836,000. Duncker Streett & Co. Inc. raised its stake in 3M by 1.7% in the first quarter. Duncker Streett & Co. Inc. now owns 15,694 shares of the company’s stock valued at $2,615,000 after buying an additional 262 shares in the last quarter. Acropolis Investment Management LLC raised its stake in 3M by 5.6% in the first quarter. Acropolis Investment Management LLC now owns 13,365 shares of the company’s stock valued at $2,227,000 after buying an additional 707 shares in the last quarter. RDL Financial Inc. raised its stake in 3M by 10.0% in the first quarter. RDL Financial Inc. now owns 11,384 shares of the company’s stock valued at $1,897,000 after buying an additional 1,033 shares in the last quarter. Finally, Sumitomo Life Insurance Co. raised its stake in 3M by 4.4% in the first quarter. Sumitomo Life Insurance Co. now owns 35,094 shares of the company’s stock valued at $5,848,000 after buying an additional 1,492 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 mid-day trading on Thursday, reaching $170.02. The company had a trading volume of 1,919,715 shares. The stock’s 50-day moving average price is $176.62 and its 200 day moving average price is $173.27. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27. The company has a market capitalization of $102.76 billion, a PE ratio of 21.70 and a beta of 0.99.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.01. 3M had a return on equity of 41.84% and a net margin of 16.29%. The business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same quarter in the prior year, the company posted $2.02 EPS. The company’s quarterly revenue was down .3% on a year-over-year basis. Equities analysts expect that 3M Co. will post $8.21 EPS for the current year.
MMM has been the subject of several analyst reports. Credit Suisse Group AG reissued a “buy” rating on shares of 3M in a report on Sunday, July 10th. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, August 4th. Deutsche Bank AG reaffirmed a “hold” rating and set a $164.00 price objective on shares of 3M in a report on Thursday, August 25th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Finally, Sanford C. Bernstein reaffirmed 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 given a hold rating and three have issued a buy rating to the company. 3M has a consensus rating of “Hold” and an average price target of $167.11.
In other news, VP Khandpur K. Ashish sold 1,679 shares of the company’s stock in a transaction 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 transaction, the vice president now owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul A. Keel sold 3,180 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $567,280.20. Following the completion of the transaction, the insider now directly owns 9,961 shares in the company, valued at approximately $1,776,942.79. The disclosure for this sale can be found here. 0.58% of the stock is owned by insiders.
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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