Kidder Stephen W reduced its holdings in shares of 3M Co (NYSE:MMM) by 0.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,205 shares of the conglomerate’s stock after selling 232 shares during the period. 3M makes up 2.7% of Kidder Stephen W’s holdings, making the stock its 18th largest position. Kidder Stephen W’s holdings in 3M were worth $6,795,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in MMM. Creative Financial Designs Inc. ADV increased its position in 3M by 202.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock valued at $31,000 after buying an additional 101 shares in the last quarter. Weaver Consulting Group acquired a new position in 3M during the 1st quarter valued at about $32,000. Cordasco Financial Network increased its position in 3M by 220.0% during the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock valued at $33,000 after buying an additional 110 shares in the last quarter. Capital Financial Planning LLC acquired a new position in 3M during the 4th quarter valued at about $34,000. Finally, Arcus Capital Partners LLC acquired a new position in 3M during the 2nd quarter valued at about $35,000. 66.84% of the stock is currently owned by institutional investors.
In related news, Director Gregory R. Page bought 1,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were purchased at an average price of $179.60 per share, for a total transaction of $179,600.00. Following the completion of the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at $538,800. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Joaquin Delgado sold 5,400 shares of the company’s 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 owns 28,092 shares in the company, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. Insiders bought 3,200 shares of company stock worth $559,260 in the last 90 days. Company insiders own 0.83% of the company’s stock.
3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the prior year, the business earned $2.59 earnings per share. The company’s revenue was down 2.6% compared to the same quarter last year. Analysts anticipate that 3M Co will post 9.35 earnings per share for the current year.
Several analysts have weighed in on the company. Wolfe Research set a $174.00 price target on 3M and gave the company a “sell” rating in a research note on Friday, April 26th. JPMorgan Chase & Co. dropped their price target on 3M from $154.00 to $143.00 and set an “underweight” rating on the stock in a research note on Friday, May 17th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 price target on the stock in a research note on Monday, July 29th. Royal Bank of Canada set a $179.00 price target on 3M and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Bank of America dropped their price target on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $182.77.
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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