3M Company (NYSE:MMM) Position Maintained by Cubic Asset Management LLC
Cubic Asset Management LLC continued to hold its stake in shares of 3M Company (NYSE:MMM) during the second quarter, Holdings Channel reports. The fund owned 37,115 shares of the conglomerate’s stock at the end of the second quarter. 3M accounts for about 2.3% of Cubic Asset Management LLC’s holdings, making the stock its 4th largest position. Cubic Asset Management LLC’s holdings in 3M were worth $7,727,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Congress Asset Management Co. MA raised its stake in shares of 3M by 3.8% in the second quarter. Congress Asset Management Co. MA now owns 27,019 shares of the conglomerate’s stock worth $5,625,000 after buying an additional 987 shares in the last quarter. Moody Lynn & Lieberson LLC raised its stake in shares of 3M by 40.7% in the second quarter. Moody Lynn & Lieberson LLC now owns 24,838 shares of the conglomerate’s stock worth $5,171,000 after buying an additional 7,185 shares in the last quarter. Moloney Securities Asset Management LLC raised its stake in shares of 3M by 1.0% in the second quarter. Moloney Securities Asset Management LLC now owns 9,240 shares of the conglomerate’s stock worth $1,924,000 after buying an additional 94 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of 3M by 9.9% in the second quarter. Russell Investments Group Ltd. now owns 864,748 shares of the conglomerate’s stock worth $180,117,000 after buying an additional 78,082 shares in the last quarter. Finally, PGGM Investments purchased a new stake in shares of 3M during the second quarter worth about $32,606,000. 65.80% of the stock is owned by hedge funds and other institutional investors.
Shares of 3M Company (NYSE:MMM) opened at 206.23 on Friday. 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 $123.07 billion, a PE ratio of 23.52 and a beta of 1.08. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57.
3M (NYSE:MMM) last posted its quarterly 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 business had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.08 EPS. On average, analysts anticipate that 3M Company will post $8.94 earnings per share for the current fiscal year.
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A number of brokerages recently issued reports on MMM. Stifel Nicolaus reissued a “hold” rating and issued a $210.00 price objective on shares of 3M in a report on Friday, July 28th. Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Citigroup Inc. dropped their price objective on shares of 3M from $230.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, July 26th. Morgan Stanley reissued an “underweight” rating and issued a $190.00 price objective (down previously from $191.00) on shares of 3M in a report on Wednesday, July 26th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $209.00 price objective (down previously from $210.00) on shares of 3M in a 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 given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $203.40.
In other 3M news, VP Marlene Mary Mcgrath sold 14,766 shares of 3M stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $194.88, for a total value of $2,877,598.08. Following the completion of the sale, the vice president now owns 24,480 shares in the company, valued at approximately $4,770,662.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.58% of the stock is owned by insiders.
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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