Miramar Capital LLC Purchases Shares of 15,944 3M Co (MMM)

Miramar Capital LLC purchased a new position in shares of 3M Co (NYSE:MMM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 15,944 shares of the conglomerate’s stock, valued at approximately $3,294,000. 3M comprises about 2.6% of Miramar Capital LLC’s portfolio, making the stock its 21st largest position.

Several other hedge funds have also modified their holdings of the company. Sontag Advisory LLC acquired a new position in 3M in the fourth quarter valued at approximately $117,000. Impax Asset Management Group plc lifted its holdings in 3M by 3.6% in the fourth quarter. Impax Asset Management Group plc now owns 179,897 shares of the conglomerate’s stock valued at $34,278,000 after acquiring an additional 6,297 shares during the period. Candriam Luxembourg S.C.A. lifted its holdings in 3M by 13.3% in the fourth quarter. Candriam Luxembourg S.C.A. now owns 90,281 shares of the conglomerate’s stock valued at $17,201,000 after acquiring an additional 10,587 shares during the period. MML Investors Services LLC lifted its holdings in 3M by 7.9% in the fourth quarter. MML Investors Services LLC now owns 44,496 shares of the conglomerate’s stock valued at $8,478,000 after acquiring an additional 3,260 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in 3M in the fourth quarter valued at approximately $329,000. Institutional investors and hedge funds own 67.20% of the company’s stock.

3M stock opened at $218.88 on Friday. The company has a market capitalization of $126.03 billion, a PE ratio of 20.93, a price-to-earnings-growth ratio of 2.02 and a beta of 1.05. 3M Co has a 12 month low of $176.87 and a 12 month high of $220.28. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.89 and a quick ratio of 1.29.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 29th. The conglomerate reported $2.31 EPS for the quarter, beating the Zacks’ consensus estimate of $2.28 by $0.03. The business had revenue of $7.95 billion during the quarter, compared to analysts’ expectations of $7.87 billion. 3M had a return on equity of 57.70% and a net margin of 16.33%. The business’s revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.10 earnings per share. As a group, equities analysts predict that 3M Co will post 10.51 EPS for the current fiscal year.

In other news, insider James L. Bauman sold 16,065 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now directly owns 40,468 shares in the company, valued at $8,103,312.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Inge G. Thulin sold 5,863 shares of the business’s stock in a transaction that occurred on Friday, March 29th. The shares were sold at an average price of $207.78, for a total value of $1,218,214.14. Following the completion of the sale, the chairman now owns 268,188 shares of the company’s stock, valued at $55,724,102.64. The disclosure for this sale can be found here. Insiders sold 77,414 shares of company stock valued at $15,553,682 over the last 90 days. Company insiders own 0.83% of the company’s stock.

A number of brokerages have issued reports on MMM. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Morgan Stanley decreased their price target on 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a report on Friday, March 22nd. Credit Suisse Group reissued an “outperform” rating and issued a $220.00 price target (down from $230.00) on shares of 3M in a report on Thursday, January 3rd. Barclays decreased their price target on 3M from $189.00 to $188.00 and set an “underweight” rating for the company in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. decreased their price target on 3M from $158.00 to $154.00 and set an “underweight” rating for the company in a report on Friday, March 29th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $205.50.

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

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