3M Company (MMM) Shares Sold by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC decreased its position in shares of 3M Company (NYSE:MMM) by 14.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 100,900 shares of the conglomerate’s stock after selling 16,581 shares during the period. Wedge Capital Management L L P NC’s holdings in 3M were worth $21,179,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. MPS Loria Financial Planners LLC purchased a new position in shares of 3M during the 2nd quarter worth approximately $124,000. Hoertkorn Richard Charles bought a new stake in shares of 3M in the 3rd quarter worth approximately $126,000. Proficio Capital Partners LLC boosted its position in shares of 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after purchasing an additional 404 shares in the last quarter. Harfst & Associates Inc. boosted its position in shares of 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after purchasing an additional 100 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. boosted its position 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 worth $137,000 after purchasing an additional 4 shares in the last quarter. Hedge funds and other institutional investors own 66.32% of the company’s stock.
3M Company (NYSE MMM) opened at $232.22 on Monday. The stock has a market capitalization of $138,312.13, a P/E ratio of 25.95, a P/E/G ratio of 2.52 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47. 3M Company has a 12-month low of $165.84 and a 12-month high of $238.90.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the prior year, the business posted $2.15 EPS. 3M’s revenue for the quarter was up 6.0% compared to the same quarter last year. equities analysts anticipate that 3M Company will post 9.08 earnings per share for the current fiscal year.
A number of analysts have recently commented on MMM shares. Morgan Stanley reissued an “underweight” rating and issued a $191.00 price target (down from $193.00) on shares of 3M in a research report on Monday, July 10th. Stifel Nicolaus reissued a “hold” rating and issued a $202.00 price target on shares of 3M in a research report on Wednesday, July 19th. BidaskClub cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. William Blair reissued an “outperform” rating on shares of 3M in a research report on Wednesday, July 26th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $209.00 price target (down from $210.00) on shares of 3M in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $230.44.
In other news, Chairman Inge G. Thulin sold 6,823 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $233.14, for a total transaction of $1,590,714.22. Following the transaction, the chairman now directly owns 196,906 shares of the company’s stock, valued at $45,906,664.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Ippocratis Vrohidis sold 1,725 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $230.34, for a total transaction of $397,336.50. Following the transaction, the chief accounting officer now directly owns 898 shares in the company, valued at $206,845.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,916 shares of company stock valued at $7,182,597. Company 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, , 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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