3M Company (MMM) Shares Bought by SNS Financial Group LLC
SNS Financial Group LLC boosted its position in shares of 3M Company (NYSE:MMM) by 52.8% during the first quarter, Holdings Channel reports. The firm owned 26,429 shares of the conglomerate’s stock after buying an additional 9,133 shares during the period. 3M accounts for about 1.3% of SNS Financial Group LLC’s portfolio, making the stock its 19th largest position. SNS Financial Group LLC’s holdings in 3M were worth $5,057,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of the stock. Koshinski Asset Management Inc. increased its stake in shares of 3M by 3.7% in the first quarter. Koshinski Asset Management Inc. now owns 3,135 shares of the conglomerate’s stock worth $600,000 after buying an additional 112 shares during the period. Lynch & Associates IN increased its stake in shares of 3M by 4.1% in the first quarter. Lynch & Associates IN now owns 14,404 shares of the conglomerate’s stock worth $2,756,000 after buying an additional 564 shares during the period. Addenda Capital Inc. increased its stake in shares of 3M by 15.5% in the first quarter. Addenda Capital Inc. now owns 20,605 shares of the conglomerate’s stock worth $3,941,000 after buying an additional 2,758 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of 3M by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 187,279 shares of the conglomerate’s stock worth $35,832,000 after buying an additional 2,400 shares during the period. Finally, Forte Capital LLC ADV increased its stake in shares of 3M by 42.2% in the first quarter. Forte Capital LLC ADV now owns 2,962 shares of the conglomerate’s stock worth $567,000 after buying an additional 879 shares during the period. Institutional investors and hedge funds own 65.80% of the company’s stock.
Shares of 3M Company (NYSE:MMM) traded up 0.37% on Wednesday, reaching $207.20. The company’s stock had a trading volume of 221,306 shares. The stock has a 50-day moving average of $208.87 and a 200 day moving average of $195.42. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The stock has a market capitalization of $123.65 billion, a price-to-earnings ratio of 23.63 and a beta of 1.08.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same period in the prior year, the business earned $2.08 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, analysts expect that 3M Company will post $8.94 EPS for the current year.
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A number of research analysts recently issued reports on MMM shares. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective for the company in a research report on Monday, June 19th. Stifel Nicolaus restated a “hold” rating and set a $202.00 price objective on shares of 3M in a research report on Wednesday, July 19th. Morgan Stanley restated an “underweight” rating and set a $191.00 price objective (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. BidaskClub lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Citigroup Inc. restated a “buy” rating and set a $229.00 price objective (up previously from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. 3M currently has a consensus rating of “Hold” and a consensus target price of $203.40.
In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the sale, the vice president now directly owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James L. Bauman sold 14,616 shares of the firm’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $195.81, for a total value of $2,861,958.96. Following the sale, the insider now directly owns 16,458 shares of the company’s stock, valued at $3,222,640.98. 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. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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