Private Advisor Group LLC Purchases 5,278 Shares of 3M Co. (MMM)
Private Advisor Group LLC boosted its position in 3M Co. (NYSE:MMM) by 17.8% during the second quarter, Holdings Channel reports. The fund owned 34,919 shares of the company’s stock after buying an additional 5,278 shares during the period. Private Advisor Group LLC’s holdings in 3M were worth $6,116,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the company. Reilly Financial Advisors LLC increased its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock worth $113,000 after buying an additional 178 shares during the last quarter. CenturyLink Investment Management Co purchased a new position in 3M during the second quarter worth about $116,000. Jackson Grant Investment Advisers Inc. increased its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock worth $124,000 after buying an additional 49 shares during the last quarter. Parasol Investment Management LLC increased its position in 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock worth $157,000 after buying an additional 100 shares during the last quarter. Finally, Pointe Capital Management LLC purchased a new position in 3M during the second quarter worth about $201,000. 65.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of 3M Co. (NYSE:MMM) opened at 170.33 on Monday. The firm has a 50-day moving average price of $176.09 and a 200-day moving average price 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 Co. has a 1-year low of $134.64 and a 1-year high of $182.27.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.01. 3M had a return on equity of 41.84% and a net margin of 16.29%. The company had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.73 billion. During the same quarter in the previous year, the business earned $2.02 earnings per share. The company’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities research analysts forecast that 3M Co. will post $8.21 earnings per share for the current year.
A number of research firms have recently issued reports on MMM. Jefferies Group reissued a “buy” rating on shares of 3M in a research report on Wednesday, July 6th. Morgan Stanley reissued a “sell” rating and set a $168.00 price target on shares of 3M in a research report on Tuesday, August 23rd. Credit Suisse Group AG reissued a “buy” rating and set a $195.00 price target 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 note on Monday, June 27th. Finally, Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, October 5th. 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 company has a consensus rating of “Hold” and a consensus target price of $166.20.
In other news, insider James L. Bauman sold 9,066 shares of 3M stock in a transaction on 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 completion of 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 available at this link. Also, VP Khandpur K. Ashish sold 1,679 shares of 3M stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $299,516.81. Following the completion of the sale, the vice president now directly owns 1,011 shares of the company’s stock, valued at $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.
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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