Logan Capital Management Inc. Buys 166 Shares of 3M Company (MMM)
Logan Capital Management Inc. increased its position in shares of 3M Company (NYSE:MMM) by 3.2% during the first quarter, Holdings Channel reports. The fund owned 5,396 shares of the conglomerate’s stock after buying an additional 166 shares during the period. Logan Capital Management Inc.’s holdings in 3M were worth $1,033,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of the stock. American Century Companies Inc. boosted its stake in shares of 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares in the last quarter. Karp Capital Management Corp boosted its stake in shares of 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares in the last quarter. Swiss National Bank boosted its stake in shares of 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock worth $407,782,000 after buying an additional 447,900 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares in the last quarter. Finally, State of Tennessee Treasury Department boosted its stake in shares of 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after buying an additional 220,741 shares in the last quarter. Institutional investors own 65.80% of the company’s stock.
3M Company (NYSE MMM) traded down 0.14% on Friday, reaching $205.94. The company had a trading volume of 342,979 shares. The company’s 50 day moving average price is $208.12 and its 200-day moving average price is $196.24. The company has a market capitalization of $122.90 billion, a price-to-earnings ratio of 23.49 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 announced its quarterly 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 return on equity of 47.83% and a net margin of 17.65%. The business had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter last year, the company earned $2.08 earnings per share. The firm’s revenue was up 1.9% compared to the same quarter last year. On average, equities analysts predict that 3M Company will post $8.94 earnings per share for the current fiscal year.
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A number of equities research analysts recently weighed in on MMM shares. Bank of America Corporation restated a “buy” rating and set a $225.00 price objective (up from $208.00) on shares of 3M in a research note on Tuesday, June 6th. Citigroup Inc. restated a “buy” rating and set a $229.00 price objective (up from $220.00) on shares of 3M in a research note on Saturday, June 3rd. Jefferies Group LLC restated a “buy” rating and set a $234.00 price objective on shares of 3M in a research note on Thursday, June 1st. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $223.00 price objective on the stock in a research note on Friday, May 26th. Finally, Barclays PLC restated a “buy” rating on shares of 3M in a research note on Thursday, April 27th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $203.40.
In other 3M news, VP Marlene Mary Mcgrath sold 14,766 shares of the 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 directly owns 24,480 shares in the company, valued at $4,770,662.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is 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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