Welch & Forbes LLC Sells 559 Shares of 3M Co (MMM)
Welch & Forbes LLC lessened its stake in 3M Co (NYSE:MMM) by 0.2% in the 3rd quarter, Holdings Channel reports. The firm owned 224,840 shares of the conglomerate’s stock after selling 559 shares during the period. 3M makes up about 1.1% of Welch & Forbes LLC’s investment portfolio, making the stock its 23rd biggest position. Welch & Forbes LLC’s holdings in 3M were worth $47,376,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Rainier Group Investment Advisory LLC acquired a new stake in 3M during the first quarter worth $114,000. SRS Capital Advisors Inc. increased its stake in 3M by 1,652.8% during the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after acquiring an additional 595 shares during the last quarter. Avestar Capital LLC increased its stake in 3M by 161.2% during the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after acquiring an additional 432 shares during the last quarter. Braun Bostich & Associates Inc. increased its stake in 3M by 221.7% during the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 481 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in 3M during the second quarter worth $149,000. 67.05% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have issued reports on MMM shares. Credit Suisse Group started coverage on 3M in a research note on Friday, October 12th. They set an “outperform” rating and a $228.00 target price for the company. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. MED cut 3M from a “buy” rating to a “hold” rating and set a $208.00 target price for the company. in a research note on Thursday, July 12th. ValuEngine upgraded 3M from a “sell” rating to a “hold” rating in a research report on Saturday, July 14th. Finally, Morgan Stanley started coverage on 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target for the company. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $233.79.
MMM opened at $199.85 on Friday. 3M Co has a 52 week low of $190.57 and a 52 week high of $259.77. The firm has a market cap of $117.55 billion, a PE ratio of 21.05, a PEG ratio of 1.92 and a beta of 1.15. The company has a quick ratio of 1.08, a current ratio of 1.56 and a debt-to-equity ratio of 1.08.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, topping the consensus estimate of $2.58 by $0.01. 3M had a return on equity of 51.31% and a net margin of 13.44%. The business had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.36 billion. During the same period last year, the business posted $2.58 earnings per share. The company’s quarterly revenue was up 7.4% on a year-over-year basis. Equities research analysts predict that 3M Co will post 10.27 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.
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