3M Co. (MMM) Stake Lowered by Strs Ohio
Strs Ohio cut its position in 3M Co. (NYSE:MMM) by 6.6% during the second quarter, Holdings Channel reports. The firm owned 364,138 shares of the company’s stock after selling 25,939 shares during the period. Strs Ohio’s holdings in 3M were worth $63,767,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Joel Isaacson & Co. LLC raised its stake in 3M by 84.3% in the second quarter. Joel Isaacson & Co. LLC now owns 7,573 shares of the company’s stock valued at $1,326,000 after buying an additional 3,464 shares during the last quarter. Capstone Asset Management Co. raised its stake in shares of 3M by 2.0% in the second quarter. Capstone Asset Management Co. now owns 144,584 shares of the company’s stock worth $25,319,000 after buying an additional 2,879 shares during the last quarter. S&CO Inc. raised its stake in shares of 3M by 1.2% in the second quarter. S&CO Inc. now owns 68,419 shares of the company’s stock worth $11,982,000 after buying an additional 800 shares during the last quarter. CIBC World Markets Inc. raised its stake in shares of 3M by 5.1% in the second quarter. CIBC World Markets Inc. now owns 81,913 shares of the company’s stock worth $14,345,000 after buying an additional 3,988 shares during the last quarter. Finally, Charter Trust Co. raised its stake in shares of 3M by 1.0% in the second quarter. Charter Trust Co. now owns 92,631 shares of the company’s stock worth $16,221,000 after buying an additional 951 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.
3M Co. (NYSE:MMM) traded up 0.18% during trading on Friday, reaching $170.33. 1,512,376 shares of the company’s stock traded hands. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27. The stock has a market capitalization of $102.95 billion, a P/E 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 posted its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.01. The company 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%. 3M’s revenue was down .3% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 earnings per share. Equities research analysts expect that 3M Co. will post $8.21 earnings per share for the current year.
A number of analysts have issued reports on MMM shares. Credit Suisse Group AG reissued a “buy” rating on shares of 3M in a research report on Sunday, July 10th. Jefferies Group reissued a “buy” rating on shares of 3M in a research report on Wednesday, July 6th. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, September 27th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Morgan Stanley reissued a “sell” rating and issued a $168.00 target price on shares of 3M in a research report on Tuesday, August 23rd. 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 stock. 3M has a consensus rating of “Hold” and an average target price 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 shares were 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 of the company’s stock, valued at $1,933,002.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the firm’s stock in a transaction on Friday, July 29th. The shares were 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 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 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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