3M Co (NYSE:MMM) Shares Sold by Culbertson A N & Co. Inc.

Culbertson A N & Co. Inc. trimmed its holdings in shares of 3M Co (NYSE:MMM) by 1.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 36,398 shares of the conglomerate’s stock after selling 375 shares during the period. 3M accounts for approximately 1.8% of Culbertson A N & Co. Inc.’s holdings, making the stock its 16th largest holding. Culbertson A N & Co. Inc.’s holdings in 3M were worth $6,309,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in MMM. Norges Bank acquired a new position in shares of 3M during the 4th quarter worth approximately $918,305,000. Ronna Sue Cohen raised its stake in shares of 3M by 20,703.2% during the 1st quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock worth $2,685,000 after buying an additional 2,672,577 shares during the period. Thoroughbred Financial Services LLC raised its stake in shares of 3M by 17,524.1% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock worth $168,081,000 after buying an additional 1,671,269 shares during the period. Bessemer Group Inc. raised its stake in shares of 3M by 2,768.8% during the 4th quarter. Bessemer Group Inc. now owns 578,657 shares of the conglomerate’s stock worth $110,258,000 after buying an additional 558,486 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of 3M by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after buying an additional 353,754 shares during the period. 66.84% of the stock is owned by institutional investors and hedge funds.

In related news, Director David B. Dillon bought 1,200 shares of the business’s stock in a transaction on Friday, May 17th. The stock was acquired at an average cost of $169.50 per share, with a total value of $203,400.00. Following the purchase, the director now directly owns 1,200 shares of the company’s stock, valued at $203,400. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Joaquin Delgado sold 5,400 shares of the firm’s stock in a transaction on 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 $4,766,650.56. The disclosure for this sale can be found here. Over the last three months, insiders purchased 3,200 shares of company stock valued at $559,260. 0.83% of the stock is owned by corporate insiders.

MMM has been the subject of several research analyst reports. Argus downgraded 3M from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Barclays reaffirmed a “sell” rating and set a $162.00 target price on shares of 3M in a research note on Thursday, June 6th. Credit Suisse Group upped their target price on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Citigroup reduced their price objective on 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. Finally, UBS Group reduced their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $182.77.

NYSE MMM traded down $2.81 during mid-day trading on Friday, hitting $170.55. The stock had a trading volume of 2,422,970 shares, compared to its average volume of 3,006,408. The stock’s 50 day moving average is $172.71. 3M Co has a twelve month low of $159.32 and a twelve month high of $219.75. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The company has a market capitalization of $99.73 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 1.82 and a beta of 1.09.

3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the prior year, the company earned $2.59 EPS. The firm’s revenue was down 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M Co will post 9.35 earnings per share for the current year.

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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