Parsec Financial Management Inc. increased its holdings in 3M Company (NYSE:MMM) by 56.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,536 shares of the conglomerate’s stock after buying an additional 7,413 shares during the period. Parsec Financial Management Inc.’s holdings in 3M were worth $4,310,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. MPS Loria Financial Planners LLC bought a new position in shares of 3M during the second quarter valued at about $124,000. Proficio Capital Partners LLC grew its stake in shares of 3M by 156.0% during 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 during the last quarter. Harfst & Associates Inc. grew its stake in shares of 3M by 17.0% during the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after buying an additional 100 shares during the last quarter. Jackson Grant Investment Advisers Inc. grew its stake in shares of 3M by 0.6% during 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 during the last quarter. Finally, Ironwood Investment Management LLC bought a new position in shares of 3M during the second quarter valued at about $203,000. Institutional investors own 66.32% of the company’s stock.
In other news, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the sale, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Eric D. Hammes sold 1,428 shares of the company’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 sale, 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. Insiders have sold a total of 26,951 shares of company stock worth $6,159,012 over the last 90 days. Corporate insiders own 0.58% of the company’s stock.
Several analysts recently issued reports on MMM shares. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Bank of America Corporation reissued a “buy” rating and issued a $227.00 target price on shares of 3M in a research note on Thursday, September 14th. Credit Suisse Group reissued an “outperform” rating and issued a $237.00 target price (up from $229.00) on shares of 3M in a research note on Wednesday, October 11th. Citigroup Inc. raised their target price on 3M from $250.00 to $262.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of 3M from a “sell” rating to a “neutral” rating and lifted their target price for the company from $194.00 to $229.00 in a report on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. 3M has a consensus rating of “Hold” and an average target price of $231.16.
Shares of 3M Company (MMM) opened at $227.45 on Monday. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89. The company has a market cap of $135,471.03, a price-to-earnings ratio of 25.41, a price-to-earnings-growth ratio of 2.46 and a beta of 1.08. 3M Company has a one year low of $170.72 and a one year high of $238.90.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. The firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The business’s revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.15 EPS. equities analysts forecast that 3M Company will post 9.08 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, , 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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