ST Germain D J Co. Inc. boosted its position in shares of 3M Co (NYSE:MMM) by 4.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 12,088 shares of the conglomerate’s stock after buying an additional 500 shares during the period. ST Germain D J Co. Inc.’s holdings in 3M were worth $2,095,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. M&R Capital Management Inc. boosted its stake in 3M by 7.8% during the second quarter. M&R Capital Management Inc. now owns 4,160 shares of the conglomerate’s stock valued at $721,000 after buying an additional 301 shares in the last quarter. Westside Investment Management Inc. bought a new position in 3M during the second quarter valued at about $44,000. Duncker Streett & Co. Inc. boosted its stake in 3M by 2.1% during the second quarter. Duncker Streett & Co. Inc. now owns 17,688 shares of the conglomerate’s stock valued at $3,066,000 after buying an additional 357 shares in the last quarter. CRA Financial Services LLC boosted its stake in 3M by 8.9% during the second quarter. CRA Financial Services LLC now owns 2,762 shares of the conglomerate’s stock valued at $479,000 after buying an additional 225 shares in the last quarter. Finally, Chicago Partners Investment Group LLC boosted its stake in 3M by 1.9% during the second quarter. Chicago Partners Investment Group LLC now owns 4,285 shares of the conglomerate’s stock valued at $748,000 after buying an additional 79 shares in the last quarter. 66.84% of the stock is owned by institutional investors and hedge funds.
MMM has been the subject of several analyst reports. Royal Bank of Canada set a $179.00 target price on 3M and gave the company a “hold” rating in a report on Friday, July 26th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a report on Monday, July 29th. Wolfe Research set a $174.00 target price on 3M and gave the company a “sell” rating in a report on Friday, April 26th. Morgan Stanley upped their target price on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Citigroup reduced their target price on 3M from $221.00 to $197.00 and set a “buy” rating for the company in a report on Monday, June 3rd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $182.77.
3M (NYSE:MMM) last announced its 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. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. 3M’s revenue was down 2.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.59 earnings per share. As a group, equities analysts expect that 3M Co will post 9.35 EPS for the current fiscal year.
In related news, insider Joaquin Delgado sold 5,400 shares of the stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $169.68, for a total value of $916,272.00. Following the completion of the sale, the insider now directly owns 28,092 shares of the company’s stock, valued at approximately $4,766,650.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gregory R. Page acquired 1,000 shares of 3M stock in a transaction that occurred on Thursday, May 9th. The stock was acquired at an average cost of $176.26 per share, with a total value of $176,260.00. Following the completion of the purchase, the director now owns 4,000 shares in the company, valued at approximately $705,040. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 3,200 shares of company stock valued at $559,260. Company insiders own 0.83% of the company’s stock.
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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