3M Co (MMM) Shares Sold by LGT Capital Partners LTD.

LGT Capital Partners LTD. trimmed its position in shares of 3M Co (NYSE:MMM) by 5.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 96,844 shares of the conglomerate’s stock after selling 5,230 shares during the period. 3M accounts for 1.5% of LGT Capital Partners LTD.’s investment portfolio, making the stock its 24th biggest holding. LGT Capital Partners LTD.’s holdings in 3M were worth $20,122,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cordasco Financial Network grew its position in 3M by 220.0% during the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after purchasing an additional 110 shares in the last quarter. Capital Financial Planning LLC purchased a new position in 3M during the 4th quarter worth approximately $34,000. Penserra Capital Management LLC purchased a new position in shares of 3M during the 4th quarter valued at $35,000. Lake Point Wealth Management purchased a new position in shares of 3M during the 4th quarter valued at $37,000. Finally, Intercontinental Wealth Advisors LLC purchased a new position in shares of 3M during the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 67.22% of the company’s stock.

MMM stock opened at $175.86 on Friday. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.02 and a quick ratio of 1.38. 3M Co has a 1 year low of $173.01 and a 1 year high of $219.75. The firm has a market capitalization of $101.04 billion, a P/E ratio of 16.81, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99.

3M (NYSE:MMM) last released its quarterly earnings data on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.27). 3M had a net margin of 17.43% and a return on equity of 57.42%. The business had revenue of $7.86 billion during the quarter, compared to analyst estimates of $8.02 billion. During the same period in the previous year, the firm posted $2.50 EPS. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. Equities analysts forecast that 3M Co will post 9.45 earnings per share for the current year.

In other 3M news, Director Gregory R. Page acquired 1,000 shares of 3M stock in a transaction that occurred on Tuesday, May 7th. The stock was acquired at an average price of $179.60 per share, with a total value of $179,600.00. Following the purchase, the director now owns 3,000 shares in the company, valued at $538,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James L. Bauman sold 16,065 shares of 3M stock in a transaction on Monday, February 11th. The shares were sold at an average price of $200.24, for a total transaction of $3,216,855.60. Following the completion of the sale, the insider now directly owns 40,468 shares of the company’s stock, valued at approximately $8,103,312.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,825 shares of company stock valued at $5,450,218. 0.83% of the stock is owned by company insiders.

Several equities analysts have recently commented on the stock. Barclays lowered 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 shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. JPMorgan Chase & Co. lowered their price target on shares of 3M from $158.00 to $154.00 and set an “underweight” rating on the stock in a report on Friday, March 29th. Morgan Stanley lowered their price target on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating on the stock in a report on Friday, March 22nd. Finally, restated a “sell” rating on shares of 3M in a report on Tuesday, February 12th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $197.92.

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3M 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.

Further Reading: What is a Lock-Up Period?

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

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