3M Co (NYSE:MMM) Shares Sold by Eastern Bank

Eastern Bank lessened its stake in 3M Co (NYSE:MMM) by 21.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,587 shares of the conglomerate’s stock after selling 1,828 shares during the quarter. Eastern Bank’s holdings in 3M were worth $1,142,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of MMM. Northern Trust Corp raised its stake in 3M by 2.4% during the fourth quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock worth $1,526,587,000 after acquiring an additional 186,257 shares during the period. Geode Capital Management LLC raised its stake in 3M by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after acquiring an additional 353,754 shares during the period. Norges Bank acquired a new stake in 3M during the fourth quarter worth about $918,305,000. Legal & General Group Plc raised its stake in 3M by 6.4% during the fourth quarter. Legal & General Group Plc now owns 2,853,554 shares of the conglomerate’s stock worth $543,682,000 after acquiring an additional 171,980 shares during the period. Finally, Ronna Sue Cohen raised its stake in 3M by 20,703.2% during the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock worth $2,685,000 after acquiring an additional 2,672,577 shares during the period. Institutional investors and hedge funds own 66.84% of the company’s stock.

Shares of NYSE:MMM opened at $170.55 on Friday. The company has a 50 day moving average price of $172.71. 3M Co has a 52 week low of $159.32 and a 52 week high of $219.75. The firm has a market capitalization of $100.51 billion, a price-to-earnings ratio of 16.30, a P/E/G ratio of 1.84 and a beta of 1.09. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53.

3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter last year, the business earned $2.59 earnings per share. 3M’s revenue was down 2.6% compared to the same quarter last year. Sell-side analysts anticipate that 3M Co will post 9.35 EPS for the current fiscal year.

Several equities research analysts recently weighed in on the stock. Citigroup dropped their price objective on shares of 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. Deutsche Bank dropped their price objective on shares of 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a research note on Friday, April 26th. Wolfe Research set a $174.00 price objective on shares of 3M and gave the stock a “sell” rating in a research note on Friday, April 26th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 price objective on the stock in a research note on Monday, July 29th. Finally, Royal Bank of Canada set a $179.00 price objective on shares of 3M and gave the stock a “hold” rating in a research note on Friday, July 26th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. 3M currently has a consensus rating of “Hold” and a consensus price target of $182.77.

In related news, Director David B. Dillon acquired 1,200 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was acquired at an average cost of $169.50 per share, for a total transaction of $203,400.00. Following the completion of the acquisition, the director now directly owns 1,200 shares of the company’s stock, valued at approximately $203,400. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory R. Page acquired 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was bought at an average price of $179.60 per share, with a total value of $179,600.00. Following the completion of the acquisition, the director now directly owns 3,000 shares of the company’s stock, valued at $538,800. The disclosure for this purchase can be found here. Insiders acquired 3,200 shares of company stock worth $559,260 in the last 90 days. 0.83% of the stock is owned by company insiders.

About 3M

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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