3M Co. (MMM) Stake Maintained by East Coast Asset Management LLC.
East Coast Asset Management LLC. held its position in shares of 3M Co. (NYSE:MMM) during the second quarter, Holdings Channel reports. The institutional investor owned 7,105 shares of the company’s stock at the end of the second quarter. East Coast Asset Management LLC.’s holdings in 3M were worth $1,244,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the company. Reilly Financial Advisors LLC increased its position in shares of 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 period. CenturyLink Investment Management Co acquired a new stake in 3M during the second quarter valued at approximately $116,000. Jackson Grant Investment Advisers Inc. increased its stake in 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 during the period. Parasol Investment Management LLC increased its stake in 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 during the period. Finally, Pointe Capital Management LLC acquired a new stake in 3M during the second quarter valued at approximately $201,000. 65.66% of the stock is currently owned by institutional investors.
3M Co. (NYSE:MMM) opened at 170.21 on Tuesday. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27. The company has a 50 day moving average of $175.82 and a 200 day moving average of $173.41. The company has a market capitalization of $102.87 billion, a PE ratio of 21.72 and a beta of 0.99.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the Zacks’ 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% compared to the same quarter last year. During the same period in the previous year, the company posted $2.02 EPS. On average, equities research analysts forecast that 3M Co. will post $8.21 earnings per share for the current fiscal year.
Several research firms have commented on MMM. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $195.00 price objective on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG reaffirmed a “hold” rating and set a $164.00 price objective on shares of 3M in a report on Thursday, August 25th. Morgan Stanley reaffirmed a “sell” rating and set a $168.00 price objective on shares of 3M in a report on Tuesday, August 23rd. Finally, Jefferies Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, August 4th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. 3M has an average rating of “Hold” and a consensus target price of $166.20.
In other news, VP Khandpur K. Ashish sold 1,679 shares of 3M 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 transaction, the vice president now directly owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul A. Keel sold 3,180 shares of 3M stock in a transaction dated Friday, July 29th. The shares were 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 in the company, valued at $1,776,942.79. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
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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