Zeke Capital Advisors LLC lessened its holdings in shares of 3M Co (NYSE:MMM) by 4.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,508 shares of the conglomerate’s stock after selling 673 shares during the quarter. Zeke Capital Advisors LLC’s holdings in 3M were worth $2,341,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of MMM. Creative Financial Designs Inc. ADV grew its position in shares of 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 101 shares in the last quarter. Cordasco Financial Network grew its position in shares of 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after acquiring an additional 110 shares in the last quarter. Capital Financial Planning LLC acquired a new position in shares of 3M in the 4th quarter worth approximately $34,000. Meridian Wealth Management LLC acquired a new position in shares of 3M in the 1st quarter worth approximately $38,000. Finally, Lake Point Wealth Management acquired a new position in shares of 3M in the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 66.84% of the company’s stock.
NYSE:MMM traded down $2.81 during midday trading on Friday, reaching $170.55. 2,422,970 shares of the company traded hands, compared to its average volume of 3,006,408. 3M Co has a twelve month low of $159.32 and a twelve month high of $219.75. The stock has a market capitalization of $99.73 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 1.82 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. The firm has a fifty day moving average of $172.71.
Several research analysts have recently commented on MMM shares. Bank of America decreased their target price on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. JPMorgan Chase & Co. reduced their price objective on 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a research report on Friday, May 17th. Barclays restated a “sell” rating and set a $162.00 price objective on shares of 3M in a research report on Thursday, June 6th. 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 report on Friday, July 12th. Finally, Wolfe Research set a $174.00 price objective on 3M and gave the company a “sell” rating in a research report on Friday, April 26th. 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 stock. The stock has an average rating of “Hold” and a consensus target price of $182.77.
In other 3M news, Director David B. Dillon bought 1,200 shares of the business’s stock in a transaction on Friday, May 17th. The shares were purchased at an average price 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction on Friday, May 17th. The shares were sold at an average price of $169.68, for a total value of $916,272.00. Following the sale, the insider now directly owns 28,092 shares in the company, valued at approximately $4,766,650.56. The disclosure for this sale can be found here. Insiders have purchased a total of 3,200 shares of company stock valued at $559,260 in the last 90 days. Insiders own 0.83% of the company’s stock.
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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