3M Co. (MMM) Shares Sold by Argus Investors Counsel Inc.
Argus Investors Counsel Inc. decreased its stake in shares of 3M Co. (NYSE:MMM) by 4.4% during the second quarter, Holdings Channel reports. The firm owned 28,515 shares of the company’s stock after selling 1,300 shares during the period. 3M comprises approximately 2.1% of Argus Investors Counsel Inc.’s portfolio, making the stock its 7th largest position. Argus Investors Counsel Inc.’s holdings in 3M were worth $4,994,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Destination Wealth Management purchased a new stake in shares of 3M during the second quarter valued at approximately $291,000. Bank of Montreal Can purchased a new stake in shares of 3M during the second quarter valued at approximately $135,349,000. Financial Architects Inc increased its stake in shares of 3M by 6.4% in the second quarter. Financial Architects Inc now owns 3,213 shares of the company’s stock valued at $563,000 after buying an additional 192 shares during the period. Shell Asset Management Co. increased its stake in shares of 3M by 14.6% in the second quarter. Shell Asset Management Co. now owns 184,294 shares of the company’s stock valued at $32,274,000 after buying an additional 23,530 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in shares of 3M by 64.1% in the second quarter. Daiwa Securities Group Inc. now owns 102,450 shares of the company’s stock valued at $17,941,000 after buying an additional 40,000 shares during the period. 65.67% of the stock is currently owned by institutional investors.
3M Co. (NYSE:MMM) traded up 0.18% during midday trading on Thursday, reaching $170.02. 1,919,715 shares of the company traded hands. The firm has a 50-day moving average of $176.62 and a 200-day moving average of $173.27. The stock has a market capitalization of $102.76 billion, a P/E ratio of 21.70 and a beta of 0.99. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The business earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The business’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the company posted $2.02 EPS. On average, analysts predict that 3M Co. will post $8.21 earnings per share for the current year.
Several equities analysts have issued reports on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, October 5th. Credit Suisse Group AG restated a “buy” rating and set a $195.00 target price on shares of 3M in a research note on Friday, September 16th. Deutsche Bank AG restated a “hold” rating and set a $164.00 target price on shares of 3M in a research note on Thursday, August 25th. Morgan Stanley restated a “sell” rating and set a $168.00 target price on shares of 3M in a research note on Tuesday, August 23rd. Finally, Jefferies Group restated a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently 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 that occurred 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 completion of the transaction, the vice president now directly 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 available at this link. Also, insider Paul A. Keel sold 3,180 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 $567,280.20. Following the transaction, the insider now directly owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The disclosure for this sale can be found here. 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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