Eqis Capital Management Inc. Has $2.56 Million Stake in 3M Company (MMM)
Eqis Capital Management Inc. grew its stake in 3M Company (NYSE:MMM) by 5.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,171 shares of the conglomerate’s stock after acquiring an additional 612 shares during the period. Eqis Capital Management Inc.’s holdings in 3M were worth $2,555,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. MPS Loria Financial Planners LLC bought a new position in shares of 3M in the 2nd quarter valued at about $124,000. Proficio Capital Partners LLC grew its holdings in shares of 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after acquiring an additional 404 shares in the last quarter. Jackson Grant Investment Advisers Inc. grew its holdings in shares of 3M by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 4 shares in the last quarter. Harfst & Associates Inc. grew its holdings in shares of 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after acquiring an additional 100 shares in the last quarter. Finally, One Capital Management LLC bought a new position in shares of 3M in the 1st quarter valued at about $202,000. Institutional investors own 66.18% of the company’s stock.
In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the transaction, the insider now directly owns 9,010 shares in the company, valued at $1,856,330.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the transaction, the vice president now owns 3,066 shares in the company, valued at $633,619.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,112 shares of company stock worth $1,878,890. Corporate insiders own 0.58% of the company’s stock.
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Several equities analysts have recently weighed in on the company. BidaskClub cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Stifel Nicolaus restated a “hold” rating and issued a $202.00 price objective on shares of 3M in a report on Wednesday, July 19th. 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 report on Wednesday, July 26th. William Blair restated an “outperform” rating on shares of 3M in a report on Wednesday, July 26th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $234.00 price objective on shares of 3M in a report on Wednesday, August 16th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $209.77.
Shares of 3M Company (NYSE MMM) traded up 0.23% during midday trading on Wednesday, reaching $218.24. 422,066 shares of the company traded hands. The firm has a market capitalization of $130.24 billion, a PE ratio of 24.89 and a beta of 1.09. The company has a 50-day moving average of $210.45 and a 200 day moving average of $204.37. 3M Company has a 12-month low of $163.85 and a 12-month high of $219.76.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ 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 firm had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the previous year, the company posted $2.08 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts forecast that 3M Company will post $8.96 earnings per share for the current year.
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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