Sky Investment Group LLC boosted its holdings in 3M Co (NYSE:MMM) by 1.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,644 shares of the conglomerate’s stock after purchasing an additional 261 shares during the quarter. 3M comprises 2.0% of Sky Investment Group LLC’s portfolio, making the stock its 19th largest position. Sky Investment Group LLC’s holdings in 3M were worth $5,193,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MMM. Parnassus Investments CA purchased a new stake in 3M in the second quarter worth about $706,178,000. Fundsmith Equity Fund L.P. purchased a new stake in 3M in the second quarter worth about $668,488,000. Charles Schwab Investment Advisory Inc. purchased a new stake in 3M in the second quarter worth about $213,286,000. Cornerstone Wealth Management LLC grew its holdings in 3M by 21,835.8% in the second quarter. Cornerstone Wealth Management LLC now owns 831,148 shares of the conglomerate’s stock worth $4,251,000 after purchasing an additional 827,359 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in 3M by 8.7% in the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after purchasing an additional 537,325 shares during the period. Institutional investors and hedge funds own 66.98% of the company’s stock.

MMM has been the topic of a number of recent research reports. Deutsche Bank upped their price objective on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a report on Friday, September 28th. ValuEngine downgraded shares of 3M from a “hold” rating to a “sell” rating in a research note on Thursday, June 21st. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Friday, October 5th. Barclays dropped their target price on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 25th. Finally, UBS Group upped their target price on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, August 30th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. 3M presently has a consensus rating of “Hold” and a consensus target price of $233.79.

In related news, insider Jon T. Lindekugel sold 6,410 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the transaction, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

Shares of 3M stock opened at $198.23 on Friday. The company has a market cap of $123.61 billion, a P/E ratio of 21.62, a P/E/G ratio of 2.02 and a beta of 1.15. 3M Co has a twelve month low of $190.57 and a twelve month high of $259.77. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.56.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.58 by $0.01. The company had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.36 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.58 earnings per share. On average, research analysts anticipate that 3M Co will post 10.28 earnings per share for the current fiscal year.

3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

Recommended Story: Why does a company issue an IPO?

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.