Halbert Hargrove Russell LLC Has $743,000 Position in 3M Co (NYSE:MMM)

Halbert Hargrove Russell LLC boosted its stake in shares of 3M Co (NYSE:MMM) by 170.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,286 shares of the conglomerate’s stock after acquiring an additional 2,701 shares during the quarter. 3M accounts for 0.2% of Halbert Hargrove Russell LLC’s portfolio, making the stock its 16th largest position. Halbert Hargrove Russell LLC’s holdings in 3M were worth $743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. Creative Financial Designs Inc. ADV boosted its holdings in 3M by 202.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after buying an additional 101 shares during the last quarter. Weaver Consulting Group acquired a new stake in shares of 3M during the first quarter worth about $32,000. Cordasco Financial Network raised its position in 3M by 220.0% in 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 during the last quarter. Capital Financial Planning LLC acquired a new stake in 3M in the 4th quarter valued at approximately $34,000. Finally, Arcus Capital Partners LLC acquired a new stake in 3M in the 2nd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 66.98% of the company’s stock.

MMM stock opened at $164.70 on Tuesday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. The company has a 50 day moving average of $172.83. The company has a market capitalization of $98.11 billion, a P/E ratio of 15.75, a price-to-earnings-growth ratio of 1.79 and a beta of 1.09. 3M Co has a twelve month low of $159.32 and a twelve month high of $219.75.

3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. The firm 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%. The business’s revenue was down 2.6% compared to the same quarter last year. During the same period last year, the company earned $2.59 earnings per share. On average, equities analysts forecast that 3M Co will post 9.35 EPS for the current fiscal year.

In other news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the transaction, the insider now directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction that occurred 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 transaction, the insider now owns 28,092 shares of the company’s stock, valued at $4,766,650.56. The disclosure for this sale can be found here. 0.83% of the stock is owned by company insiders.

A number of equities research analysts recently issued reports on the company. UBS Group dropped their target price on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Citigroup dropped their target price on 3M from $221.00 to $197.00 and set a “buy” rating on the stock in a research report on Monday, June 3rd. Royal Bank of Canada set a $179.00 target price on 3M and gave the company a “hold” rating in a research report on Friday, July 26th. Argus lowered 3M from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, Wolfe Research set a $174.00 target price 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 company presently has an average rating of “Hold” and an average price target of $182.54.

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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