Monarch Capital Management Inc. lowered its position in shares of 3M Company (NYSE:MMM) by 5.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,950 shares of the conglomerate’s stock after selling 1,715 shares during the period. 3M makes up 2.4% of Monarch Capital Management Inc.’s portfolio, making the stock its 15th largest position. Monarch Capital Management Inc.’s holdings in 3M were worth $6,235,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Howard Capital Management increased its position in 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 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 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 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 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. Institutional investors own 65.80% of the company’s stock.

Shares of 3M Company (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. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. The company has a market capitalization of $123.07 billion, a P/E ratio of 23.52 and a beta of 1.08.

3M (NYSE:MMM) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the 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 analyst estimates of $7.86 billion. During the same quarter in the prior year, the firm earned $2.08 earnings per share. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts predict that 3M Company will post $8.94 EPS for the current fiscal year.

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Several research firms have weighed in on MMM. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a research report on Monday, June 19th. Stifel Nicolaus reiterated a “hold” rating and issued a $202.00 price target on shares of 3M in a research report on Wednesday, July 19th. Morgan Stanley reiterated an “underweight” rating and issued a $191.00 price target (down from $193.00) on shares of 3M in a research report on Monday, July 10th. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Citigroup Inc. reiterated a “buy” rating and issued a $229.00 price target (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Two 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 stock. The stock has an average rating of “Hold” and an average target price of $203.40.

In related 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 value of $2,877,598.08. Following the completion of the transaction, the vice president now directly owns 24,480 shares in the company, valued at approximately $4,770,662.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.58% of the company’s stock.

About 3M

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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