RS Investment Management Co. LLC held its position in shares of 3M Co. (NYSE:MMM) during the second quarter, Holdings Channel reports. The firm owned 4,765 shares of the company’s stock at the end of the second quarter. RS Investment Management Co. LLC’s holdings in 3M were worth $834,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of the company. CenturyLink Investment Management Co acquired a new position in shares of 3M during the second quarter valued at $116,000. Parasol Investment Management LLC boosted its position in shares of 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock valued at $157,000 after buying an additional 100 shares in the last quarter. Clarius Group LLC acquired a new position in shares of 3M during the first quarter valued at $202,000. Independence Advisors LLC acquired a new position in shares of 3M during the second quarter valued at $203,000. Finally, 10 15 Associates Inc. acquired a new position in shares of 3M during the first quarter valued at $204,000. Institutional investors and hedge funds own 65.67% of the company’s stock.
3M Co. (NYSE:MMM) traded up 0.18% during trading on Friday, hitting $170.33. 1,512,376 shares of the company were exchanged. 3M Co. has a 12 month low of $134.64 and a 12 month high of $182.27. The company has a market capitalization of $102.95 billion, a price-to-earnings 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 quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The firm had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.73 billion. During the same period in the prior year, the firm posted $2.02 earnings per share. The firm’s quarterly revenue was down .3% compared to the same quarter last year. Equities research analysts anticipate that 3M Co. will post $8.21 earnings per share for the current year.
Several research analysts have recently weighed in on the stock. Jefferies Group reiterated a “buy” rating on shares of 3M in a research note on Wednesday, July 6th. Morgan Stanley restated a “sell” rating and set a $168.00 price objective on shares of 3M in a research report on Tuesday, August 23rd. Credit Suisse Group AG restated a “buy” rating and set a $195.00 price objective on shares of 3M in a research report on Friday, September 16th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, October 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $167.11.
In other 3M news, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the completion of the transaction, the insider now directly owns 10,834 shares in the company, valued at $1,933,002.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $299,516.81. Following the transaction, the vice president now owns 1,011 shares of the company’s stock, valued at $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.
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co. (NYSE:MMM).
Receive News & Ratings for 3M Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Co. and related companies with MarketBeat.com's FREE daily email newsletter.