Delta Asset Management LLC TN decreased its position in shares of 3M Co (NYSE:MMM) by 2.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 154,497 shares of the conglomerate’s stock after selling 4,076 shares during the quarter. 3M comprises approximately 4.6% of Delta Asset Management LLC TN’s investment portfolio, making the stock its 3rd largest position. Delta Asset Management LLC TN’s holdings in 3M were worth $29,437,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in MMM. Proficio Capital Partners LLC increased its stake in shares of 3M by 34.8% in the 4th quarter. Proficio Capital Partners LLC now owns 840 shares of the conglomerate’s stock valued at $160,000 after acquiring an additional 217 shares in the last quarter. Nichols & Pratt Advisers LLP MA increased its stake in 3M by 3.8% during the 4th quarter. Nichols & Pratt Advisers LLP MA now owns 57,330 shares of the conglomerate’s stock valued at $10,923,000 after purchasing an additional 2,116 shares in the last quarter. Gerber Kawasaki Wealth & Investment Management boosted its holdings in 3M by 13.7% during the 4th quarter. Gerber Kawasaki Wealth & Investment Management now owns 2,399 shares of the conglomerate’s stock worth $457,000 after acquiring an additional 289 shares during the last quarter. Letko Brosseau & Associates Inc. purchased a new position in 3M during the 4th quarter worth $232,000. Finally, Lathrop Investment Management Corp purchased a new position in shares of 3M in the 4th quarter worth about $256,000. Hedge funds and other institutional investors own 67.19% of the company’s stock.
In other 3M news, insider Paul A. Keel sold 9,410 shares of the firm’s stock in a transaction dated Friday, February 8th. The stock was sold at an average price of $199.14, for a total value of $1,873,907.40. Following the transaction, the insider now directly owns 23,009 shares of the company’s stock, valued at $4,582,012.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James L. Bauman sold 16,065 shares of the firm’s stock in a transaction dated Monday, February 11th. The stock was sold at an average price of $200.24, for a total value of $3,216,855.60. Following the completion of the transaction, the insider now directly owns 40,468 shares in the company, valued at $8,103,312.32. The disclosure for this sale can be found here. Insiders sold a total of 77,414 shares of company stock valued at $15,553,682 over the last quarter. 0.72% of the stock is owned by corporate insiders.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.03. 3M had a return on equity of 57.70% and a net margin of 16.33%. The firm had revenue of $7.95 billion during the quarter, compared to the consensus estimate of $7.87 billion. During the same period last year, the company earned $2.10 earnings per share. The company’s revenue was down .6% on a year-over-year basis. Research analysts predict that 3M Co will post 10.51 EPS for the current year.
A number of equities analysts recently weighed in on the stock. Barclays cut their price target on shares of 3M from $189.00 to $188.00 and set an “underweight” rating on the stock in a report on Wednesday, April 3rd. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. decreased their price objective on shares of 3M from $158.00 to $154.00 and set an “underweight” rating on the stock in a research report on Friday, March 29th. Morgan Stanley decreased their price objective on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating on the stock in a research report on Friday, March 22nd. Finally, restated a “sell” rating on shares of 3M in a research report on Tuesday, February 12th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $205.50.
3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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