3M Co. (MMM) Position Increased by Pittenger & Anderson Inc.
Pittenger & Anderson Inc. boosted its stake in shares of 3M Co. (NYSE:MMM) by 0.9% during the second quarter, Holdings Channel reports. The institutional investor owned 20,095 shares of the company’s stock after buying an additional 170 shares during the period. Pittenger & Anderson Inc.’s holdings in 3M were worth $3,519,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Commonwealth Equity Services Inc raised its position in 3M by 5.8% in the first quarter. Commonwealth Equity Services Inc now owns 167,074 shares of the company’s stock valued at $27,840,000 after buying an additional 9,160 shares in the last quarter. Sarasin & Partners LLP raised its position in 3M by 6.6% in the first quarter. Sarasin & Partners LLP now owns 670,470 shares of the company’s stock valued at $111,720,000 after buying an additional 41,588 shares in the last quarter. Mn Services Vermogensbeheer B.V. purchased a new position in 3M during the first quarter valued at approximately $2,257,000. Virginia Retirement System purchased a new position in 3M during the first quarter valued at approximately $37,256,000. Finally, Outfitter Advisors LTD. raised its position in 3M by 0.9% in the first quarter. Outfitter Advisors LTD. now owns 10,169 shares of the company’s stock valued at $1,694,000 after buying an additional 90 shares in the last quarter. 65.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 3M Co. (NYSE:MMM) opened at 169.95 on Wednesday. The company has a market cap of $102.72 billion, a price-to-earnings ratio of 21.69 and a beta of 0.99. The stock has a 50 day moving average of $175.52 and a 200 day moving average of $173.43. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27.
3M (NYSE:MMM) last posted its quarterly earnings data 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 company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. 3M’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.02 earnings per share. Analysts predict that 3M Co. will post $8.21 EPS for the current year.
MMM has been the topic of several research reports. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a report on Monday, June 27th. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a report on Wednesday, July 6th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of 3M in a report on Sunday, July 10th. Morgan Stanley reaffirmed a “sell” rating and set a $168.00 price target on shares of 3M in a report on Tuesday, August 23rd. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $166.20.
In other 3M news, insider Paul A. Keel sold 3,180 shares of the stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction that occurred 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 transaction, the vice president now owns 1,011 shares in the company, valued at $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
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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