Teacher Retirement System of Texas cut its position in shares of 3M Co. (NYSE:MMM) by 36.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 279,130 shares of the company’s stock after selling 162,248 shares during the period. Teacher Retirement System of Texas’ holdings in 3M were worth $48,881,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Sarasin & Partners LLP increased its position in shares of 3M by 6.6% in the first quarter. Sarasin & Partners LLP now owns 670,470 shares of the company’s stock worth $111,720,000 after buying an additional 41,588 shares in the last quarter. Commonwealth Equity Services Inc increased its position in shares of 3M by 5.8% in the first quarter. Commonwealth Equity Services Inc now owns 167,074 shares of the company’s stock worth $27,840,000 after buying an additional 9,160 shares in the last quarter. Telemus Capital LLC increased its position in shares of 3M by 4.0% in the first quarter. Telemus Capital LLC now owns 23,003 shares of the company’s stock worth $3,833,000 after buying an additional 877 shares in the last quarter. Sanders Morris Harris Inc. bought a new position in shares of 3M during the first quarter worth about $419,000. Finally, Sii Investments Inc. WI increased its position in shares of 3M by 20.8% in the first quarter. Sii Investments Inc. WI now owns 19,310 shares of the company’s stock worth $3,209,000 after buying an additional 3,321 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) opened at 171.13 on Friday. The company has a 50 day moving average of $176.35 and a 200 day moving average of $173.25. The firm has a market capitalization of $103.43 billion, a PE ratio of 21.84 and a beta of 0.99. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, topping the 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 analysts’ expectations of $7.73 billion. During the same period in the previous year, the business earned $2.02 earnings per share. 3M’s revenue for the quarter was down .3% compared to the same quarter last year. On average, analysts anticipate that 3M Co. will post $8.21 earnings per share for the current fiscal year.
A number of brokerages have recently issued reports on MMM. Jefferies Group increased their price target on shares of 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 increased their price target on shares of 3M from $186.00 to $195.00 and gave the company an “outperform” rating in a report on Wednesday, September 7th. Deutsche Bank AG restated a “hold” rating and set a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Morgan Stanley restated a “sell” rating and set a $168.00 target price on shares of 3M in a report on Tuesday, August 23rd. Finally, Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $167.11.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $299,516.81. Following the sale, the vice president now owns 1,011 shares in the company, valued at approximately $180,352.29. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider James L. Bauman sold 9,066 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $178.42, for a total value of $1,617,555.72. Following the sale, the insider now owns 10,834 shares in the company, valued at approximately $1,933,002.28. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by company insiders.
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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