Norris Perne & French LLP MI Grows Holdings in 3M Co (NYSE:MMM)

Norris Perne & French LLP MI boosted its stake in shares of 3M Co (NYSE:MMM) by 8.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,405 shares of the conglomerate’s stock after purchasing an additional 360 shares during the quarter. Norris Perne & French LLP MI’s holdings in 3M were worth $867,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of MMM. BlackRock Inc. lifted its position in 3M by 0.8% during the 1st quarter. BlackRock Inc. now owns 39,148,990 shares of the conglomerate’s stock worth $8,593,985,000 after acquiring an additional 320,406 shares during the period. TIAA CREF Investment Management LLC lifted its position in 3M by 7.4% during the 4th quarter. TIAA CREF Investment Management LLC now owns 4,591,067 shares of the conglomerate’s stock worth $1,080,599,000 after acquiring an additional 318,088 shares during the period. Schwab Charles Investment Management Inc. lifted its position in 3M by 14.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 3,644,386 shares of the conglomerate’s stock worth $800,016,000 after acquiring an additional 473,250 shares during the period. Findlay Park Partners LLP lifted its position in 3M by 3.2% during the 1st quarter. Findlay Park Partners LLP now owns 2,105,000 shares of the conglomerate’s stock worth $462,090,000 after acquiring an additional 65,000 shares during the period. Finally, Fiera Capital Corp lifted its position in 3M by 1.6% during the 1st quarter. Fiera Capital Corp now owns 2,028,441 shares of the conglomerate’s stock worth $445,283,000 after acquiring an additional 32,753 shares during the period. Institutional investors own 66.62% of the company’s stock.

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada cut their target price on 3M to $227.00 and set an “underperform” rating for the company in a research note on Wednesday, April 25th. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a research note on Sunday, July 15th. Argus cut their target price on 3M from $285.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 25th. Barclays cut their target price on 3M from $230.00 to $210.00 and set an “underweight” rating for the company in a research note on Wednesday, April 25th. Finally, Citigroup set a $263.00 price objective on 3M and gave the company a “buy” rating in a research note on Saturday, June 9th. Five research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. 3M currently has an average rating of “Hold” and a consensus price target of $234.03.

3M stock traded down $2.82 during midday trading on Friday, reaching $201.96. The stock had a trading volume of 1,893,208 shares, compared to its average volume of 2,386,697. 3M Co has a twelve month low of $190.57 and a twelve month high of $259.77. The stock has a market capitalization of $120.13 billion, a P/E ratio of 21.51, a PEG ratio of 1.94 and a beta of 1.17. The company has a current ratio of 1.56, a quick ratio of 1.08 and a debt-to-equity ratio of 1.08.

3M (NYSE:MMM) last issued its earnings results 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. 3M had a return on equity of 51.31% and a net margin of 13.44%. The firm had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.36 billion. During the same quarter last year, the firm earned $2.58 earnings per share. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. sell-side analysts predict that 3M Co will post 10.37 EPS for the current year.

About 3M

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

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