Beck Mack & Oliver LLC reduced its stake in shares of 3M Company (NYSE:MMM) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 17,776 shares of the conglomerate’s stock after selling 396 shares during the period. Beck Mack & Oliver LLC’s holdings in 3M were worth $3,701,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Howard Capital Management increased its position in shares of 3M by 1.4% in the first quarter. Howard Capital Management now owns 6,577 shares of the conglomerate’s stock valued at $1,258,000 after buying an additional 90 shares during the last quarter. Arvest Bank Trust Division increased its position in shares of 3M by 11.6% in the first quarter. Arvest Bank Trust Division now owns 2,340 shares of the conglomerate’s stock valued at $448,000 after buying an additional 244 shares during the last quarter. Loeb Partners Corp increased its position in shares of 3M by 138.9% in the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock valued at $1,646,000 after buying an additional 5,000 shares during the last quarter. TRUE Private Wealth Advisors increased its position in shares of 3M by 16.6% in the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock valued at $489,000 after buying an additional 367 shares during the last quarter. Finally, Personal Capital Advisors Corp increased its position in shares of 3M by 10.4% in the first quarter. Personal Capital Advisors Corp now owns 157,237 shares of the conglomerate’s stock valued at $29,982,000 after buying an additional 14,830 shares during the last quarter. Hedge funds and other institutional investors own 65.80% of the company’s stock.

Shares of 3M Company (MMM) opened at 206.23 on Friday. The firm has a market capitalization of $123.07 billion, a PE ratio of 23.52 and a beta of 1.08. The company’s 50 day moving average price is $208.12 and its 200-day moving average price is $196.24. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS 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 firm had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the previous year, the company posted $2.08 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. On average, equities research analysts expect that 3M Company will post $8.94 EPS for the current fiscal year.

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MMM has been the subject of several research analyst reports. Stifel Nicolaus lifted their price objective on 3M from $190.00 to $202.00 and gave the company a “hold” rating in a research report on Wednesday, April 26th. Vetr upgraded 3M from a “sell” rating to a “hold” rating and set a $183.19 price objective for the company in a research report on Friday, April 14th. Morgan Stanley reiterated an “underweight” rating and issued a $191.00 price objective (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Credit Suisse Group reiterated a “buy” rating on shares of 3M in a research report on Thursday, April 27th. Finally, Jefferies Group LLC lifted their price objective on 3M from $210.00 to $219.00 and gave the company a “buy” rating in a research report on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target 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 transaction, the vice president now directly owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.58% of the stock is currently owned by corporate 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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