Sumitomo Life Insurance Co. increased its stake in 3M Company (NYSE:MMM) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,251 shares of the conglomerate’s stock after buying an additional 729 shares during the period. Sumitomo Life Insurance Co.’s holdings in 3M were worth $3,591,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MMM. Reilly Financial Advisors LLC raised its position in shares of 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares in the last quarter. Jackson Grant Investment Advisers Inc. raised its position in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares in the last quarter. American Research & Management Co. raised its position in shares of 3M by 8.1% in the first quarter. American Research & Management Co. now owns 935 shares of the conglomerate’s stock valued at $179,000 after buying an additional 70 shares in the last quarter. Finally, American National Bank raised its position in shares of 3M by 23.2% in the first quarter. American National Bank now owns 965 shares of the conglomerate’s stock valued at $185,000 after buying an additional 182 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 stock has a market capitalization of $122.92 billion, a P/E 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. The firm has a 50 day moving average of $207.94 and a 200-day moving average of $196.43.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01. The business had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $2.08 earnings per share. Analysts forecast that 3M Company will post $8.94 earnings per share for the current year.

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Several brokerages have recently commented on MMM. Barclays PLC restated an “overweight” rating and issued a $201.00 price objective (up from $200.00) on shares of 3M in a report on Wednesday, April 19th. 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 report on Friday, May 26th. BidaskClub lowered shares of 3M from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Jefferies Group LLC restated a “buy” rating and issued a $234.00 price objective on shares of 3M in a report on Thursday, June 1st. Finally, Bank of America Corporation restated a “buy” rating and issued a $225.00 price objective (up from $208.00) on shares of 3M in a report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $203.40.

In other 3M 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 transaction of $2,877,598.08. Following the transaction, the vice president now directly owns 24,480 shares of the company’s stock, valued at $4,770,662.40. The sale was disclosed in a filing with the SEC, which is available at 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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