3M Co. (MMM) Position Boosted by BTIM Corp.
BTIM Corp. boosted its position in shares of 3M Co. (NYSE:MMM) by 2.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 420,023 shares of the company’s stock after buying an additional 9,571 shares during the period. 3M makes up about 1.3% of BTIM Corp.’s holdings, making the stock its 8th largest position. BTIM Corp. owned approximately 0.07% of 3M worth $73,555,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Reilly Financial Advisors LLC boosted its stake in shares of 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock valued at $113,000 after buying an additional 178 shares in the last quarter. CenturyLink Investment Management Co bought a new stake in shares of 3M during the second quarter valued at about $116,000. Jackson Grant Investment Advisers Inc. boosted its stake in shares of 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock valued at $124,000 after buying an additional 49 shares in the last quarter. Parasol Investment Management LLC boosted its stake 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. Finally, Pointe Capital Management LLC bought a new stake in shares of 3M during the second quarter valued at about $201,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.
3M Co. (NYSE:MMM) opened at 170.33 on Friday. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27. The firm has a 50 day moving average of $176.09 and a 200-day moving average of $173.28. The stock has a market capitalization of $102.95 billion, a PE ratio of 21.74 and a beta of 0.99.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the consensus estimate of $2.07 by $0.01. The business had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.02 EPS. On average, equities analysts predict that 3M Co. will post $8.21 EPS for the current year.
Several equities research analysts recently issued reports on the stock. Jefferies Group restated a “buy” rating on shares of 3M in a report on Wednesday, July 6th. Morgan Stanley restated a “sell” rating and issued a $168.00 target price on shares of 3M in a report on Tuesday, August 23rd. Credit Suisse Group AG restated a “buy” rating and issued a $195.00 target price on shares of 3M in a report on Friday, September 16th. Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, October 5th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. 3M presently has an average rating of “Hold” and a consensus price target of $167.11.
In related news, insider James L. Bauman sold 9,066 shares of the 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 sale, the insider now directly owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Khandpur K. Ashish sold 1,679 shares of the 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 sale, the vice president now directly owns 1,011 shares in the company, valued at $180,352.29. The disclosure for this sale can be found here. Corporate 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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