Inverness Counsel LLC NY held its stake in 3M Company (NYSE:MMM) during the second quarter, Holdings Channel reports. The institutional investor owned 11,771 shares of the conglomerate’s stock at the end of the second quarter. Inverness Counsel LLC NY’s holdings in 3M were worth $2,451,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MMM. Jackson Grant Investment Advisers Inc. increased its stake in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares in the last quarter. Founders Capital Management LLC increased its stake in 3M by 0.4% in the first quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock valued at $371,000 after buying an additional 8 shares in the last quarter. Baystate Wealth Management LLC increased its stake in 3M by 0.6% in the first quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock valued at $370,000 after buying an additional 11 shares in the last quarter. Capital Management Corp VA increased its stake in 3M by 0.3% in the first quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock valued at $753,000 after buying an additional 11 shares in the last quarter. Finally, Smith Chas P & Associates PA Cpas increased its stake in 3M by 0.7% in the first quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock valued at $374,000 after buying an additional 13 shares in the last quarter. 65.80% of the stock is currently owned by institutional investors.

Shares of 3M Company (NYSE MMM) opened at 206.48 on Thursday. The company’s 50-day moving average is $208.31 and its 200-day moving average is $196.16. The stock has a market capitalization of $123.22 billion, a P/E ratio of 23.55 and a beta of 1.08. 3M Company has a one year low of $163.85 and a one year high of $214.57.

3M (NYSE:MMM) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.59 by $0.01. The company had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.08 earnings per share. On average, equities research analysts anticipate that 3M Company will post $8.94 earnings per share for the current year.

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Several analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of 3M from $178.00 to $193.00 and gave the stock an “underweight” rating in a research report on Friday, June 9th. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 target price on the stock in a research report on Monday, June 19th. Stifel Nicolaus reissued a “hold” rating and set a $202.00 target price on shares of 3M in a research report on Wednesday, July 19th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $209.00 target price (down previously from $210.00) on shares of 3M in a research report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $203.40.

In other 3M news, VP Marlene Mary Mcgrath sold 14,766 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the sale, the vice president now directly owns 24,480 shares in the company, valued at approximately $4,770,662.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.58% of the stock is currently owned by insiders.

3M Company Profile

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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