Almanack Investment Partners LLC. purchased a new position in 3M Company (NYSE:MMM) during the first quarter, Holdings Channel reports. The fund purchased 1,269 shares of the conglomerate’s stock, valued at approximately $243,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Reilly Financial Advisors LLC raised its stake in 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock worth $123,000 after buying an additional 24 shares in the last quarter. Jackson Grant Investment Advisers Inc. raised its stake in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after buying an additional 4 shares in the last quarter. American Research & Management Co. raised its stake in 3M by 8.1% in the first quarter. American Research & Management Co. now owns 935 shares of the conglomerate’s stock worth $179,000 after buying an additional 70 shares in the last quarter. American National Bank raised its stake in 3M by 23.2% in the first quarter. American National Bank now owns 965 shares of the conglomerate’s stock worth $185,000 after buying an additional 182 shares in the last quarter. Finally, One Capital Management LLC bought a new stake in 3M during the first quarter worth $202,000. Institutional investors own 65.80% of the company’s stock.

Shares of 3M Company (MMM) traded down 0.12% during trading on Friday, hitting $205.98. The company’s stock had a trading volume of 1,452,811 shares. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The firm’s 50 day moving average price is $207.94 and its 200-day moving average price is $196.43. The company has a market cap of $122.92 billion, a PE ratio of 23.49 and a beta of 1.08.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. 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 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, analysts predict that 3M Company will post $8.94 earnings per share for the current year.

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A number of research firms have recently weighed in on MMM. 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 lowered 3M from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Citigroup Inc. cut their price objective on 3M from $230.00 to $228.00 and set a “buy” rating on the stock 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 given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $203.40.

In other 3M 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 transaction, the vice president now owns 24,480 shares in the company, valued at approximately $4,770,662.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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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