Schwab Charles Investment Management Inc. increased its stake in 3M Company (NYSE:MMM) by 3.4% during the first quarter, Holdings Channel reports. The firm owned 2,796,201 shares of the conglomerate’s stock after buying an additional 92,789 shares during the period. Schwab Charles Investment Management Inc.’s holdings in 3M were worth $534,998,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Brown Advisory Securities LLC increased its stake in shares of 3M by 0.5% in the first quarter. Brown Advisory Securities LLC now owns 10,746 shares of the conglomerate’s stock valued at $2,056,000 after buying an additional 57 shares during the period. Stockman Wealth Management Inc. increased its stake in shares of 3M by 7.4% in the first quarter. Stockman Wealth Management Inc. now owns 5,513 shares of the conglomerate’s stock valued at $1,055,000 after buying an additional 381 shares during the period. SRS Capital Advisors Inc. increased its stake in shares of 3M by 42.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,069 shares of the conglomerate’s stock valued at $204,000 after buying an additional 318 shares during the period. Investec Asset Management LTD increased its stake in shares of 3M by 3.9% in the first quarter. Investec Asset Management LTD now owns 942,737 shares of the conglomerate’s stock valued at $180,374,000 after buying an additional 35,325 shares during the period. Finally, SNS Financial Group LLC increased its stake in shares of 3M by 52.8% in the first quarter. SNS Financial Group LLC now owns 26,429 shares of the conglomerate’s stock valued at $5,057,000 after buying an additional 9,133 shares during the period. 65.80% of the stock is owned by institutional investors.

Shares of 3M Company (NYSE:MMM) traded down 0.17% during trading on Friday, reaching $205.88. The company’s stock had a trading volume of 302,277 shares. 3M Company has a one year low of $163.85 and a one year high of $214.57. The stock’s 50 day moving average is $208.12 and its 200 day moving average is $196.24. The firm has a market cap of $122.86 billion, a P/E ratio of 23.48 and a beta of 1.08.

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

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Several analysts have recently commented on the stock. Stifel Nicolaus reaffirmed a “hold” rating and set a $210.00 price objective on shares of 3M in a research report on Friday, July 28th. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Citigroup Inc. reduced their price objective on shares of 3M from $230.00 to $228.00 and set a “buy” rating for the company in a research report on Wednesday, July 26th. Morgan Stanley reaffirmed an “underweight” rating and set a $190.00 price objective (down previously from $191.00) on shares of 3M in a research report on Wednesday, July 26th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $209.00 price objective (down previously from $210.00) on shares of 3M in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $203.40.

In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the company’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 transaction, the vice president now directly owns 24,480 shares of the company’s stock, valued at $4,770,662.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.58% of the company’s stock.

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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