Somerset Group LLC held its position in 3M Co. (NYSE:MMM) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,923 shares of the company’s stock at the end of the second quarter. 3M comprises about 13.9% of Somerset Group LLC’s portfolio, making the stock its largest position. Somerset Group LLC’s holdings in 3M were worth $13,296,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of MMM. Reilly Financial Advisors LLC boosted its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock worth $113,000 after buying an additional 178 shares during the last quarter. CenturyLink Investment Management Co bought a new position in 3M during the second quarter worth $116,000. Jackson Grant Investment Advisers Inc. boosted its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock worth $124,000 after buying an additional 49 shares during the last quarter. Parasol Investment Management LLC boosted its position in 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock worth $157,000 after buying an additional 100 shares during the last quarter. Finally, Pointe Capital Management LLC bought a new position in 3M during the second quarter worth $201,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) opened at 170.33 on Friday. 3M Co. has a one year low of $134.64 and a one year high of $182.27. The stock has a market cap of $102.95 billion, a PE ratio of 21.74 and a beta of 0.99. The stock has a 50 day moving average price of $176.09 and a 200-day moving average price of $173.28.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, topping 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 firm had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.73 billion. During the same quarter in the prior year, the business earned $2.02 earnings per share. The company’s revenue was down .3% compared to the same quarter last year. Equities research analysts expect that 3M Co. will post $8.21 earnings per share for the current fiscal year.
MMM has been the topic of a number of analyst reports. Jefferies Group lifted their price objective on 3M from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. Credit Suisse Group AG reissued a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, October 5th. Deutsche Bank AG reissued a “hold” rating and set a $164.00 target price on shares of 3M in a research note on Thursday, August 25th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. 3M currently has an average rating of “Hold” and a consensus price target of $167.11.
In other 3M news, insider James L. Bauman sold 9,066 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the transaction, the insider now owns 10,834 shares in the company, valued at $1,933,002.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the 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 transaction, the vice president now owns 1,011 shares in the company, valued at approximately $180,352.29. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
3M Company Profile
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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