Hanson & Doremus Investment Management Maintains Position in 3M Company (MMM)
Hanson & Doremus Investment Management continued to hold its stake in 3M Company (NYSE:MMM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,772 shares of the conglomerate’s stock at the end of the second quarter. Hanson & Doremus Investment Management’s holdings in 3M were worth $369,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in MMM. Park Avenue Securities LLC acquired a new stake in 3M during the second quarter valued at about $230,000. Congress Asset Management Co. MA raised its stake in 3M by 3.8% in the second quarter. Congress Asset Management Co. MA now owns 27,019 shares of the conglomerate’s stock valued at $5,625,000 after buying an additional 987 shares in the last quarter. Moody Lynn & Lieberson LLC raised its stake in 3M by 40.7% in the second quarter. Moody Lynn & Lieberson LLC now owns 24,838 shares of the conglomerate’s stock valued at $5,171,000 after buying an additional 7,185 shares in the last quarter. Moloney Securities Asset Management LLC raised its stake in 3M by 1.0% in the second quarter. Moloney Securities Asset Management LLC now owns 9,240 shares of the conglomerate’s stock valued at $1,924,000 after buying an additional 94 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in 3M by 9.9% in the second quarter. Russell Investments Group Ltd. now owns 864,748 shares of the conglomerate’s stock valued at $180,117,000 after buying an additional 78,082 shares in the last quarter. Hedge funds and other institutional investors own 65.80% of the company’s stock.
Shares of 3M Company (NYSE MMM) opened at 205.98 on Friday. The firm has a market cap of $122.92 billion, a P/E ratio of 23.49 and a beta of 1.08. The company’s 50-day moving average price is $207.94 and its 200-day moving average price is $196.43. 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 analysts’ consensus estimates of $2.59 by $0.01. The company had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $2.08 EPS. On average, analysts predict that 3M Company will post $8.94 EPS for the current year.
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Several analysts have issued reports on the company. Stifel Nicolaus restated a “hold” rating and issued a $210.00 price objective on shares of 3M in a research note on Friday, July 28th. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Citigroup Inc. dropped their price objective on 3M from $230.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, July 26th. Morgan Stanley restated an “underweight” rating and issued a $190.00 price objective (down previously from $191.00) on shares of 3M in a research note on Wednesday, July 26th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $209.00 price objective (down previously from $210.00) on shares of 3M in a research note on Wednesday, July 26th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The company currently 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 3M stock in a transaction that occurred 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 sale, the vice president now owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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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