Union Bankshares Corp Grows Stake in 3M Co (MMM)

Union Bankshares Corp grew its stake in shares of 3M Co (NYSE:MMM) by 1.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 20,196 shares of the conglomerate’s stock after acquiring an additional 255 shares during the period. Union Bankshares Corp’s holdings in 3M were worth $3,848,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. IMS Capital Management bought a new position in 3M in the 3rd quarter worth approximately $108,000. Arlington Partners LLC boosted its holdings in 3M by 177.8% in the 4th quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock worth $119,000 after buying an additional 400 shares during the period. Vectors Research Management LLC bought a new position in 3M in the 3rd quarter worth approximately $122,000. SRS Capital Advisors Inc. boosted its holdings in 3M by 1,652.8% in the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after buying an additional 595 shares during the period. Finally, Price Capital Management Inc. bought a new position in 3M in the 3rd quarter worth approximately $126,000. 66.17% of the stock is owned by hedge funds and other institutional investors.

NYSE MMM traded down $0.67 on Monday, hitting $191.54. The stock had a trading volume of 178,966 shares, compared to its average volume of 2,491,366. 3M Co has a 52-week low of $176.87 and a 52-week high of $259.77. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. The stock has a market capitalization of $111.97 billion, a PE ratio of 20.89, a P/E/G ratio of 1.75 and a beta of 1.14.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The firm had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same quarter in the prior year, the company earned $2.33 earnings per share. The business’s revenue for the quarter was down .2% compared to the same quarter last year. On average, research analysts anticipate that 3M Co will post 9.95 EPS for the current year.

3M announced that its board has authorized a stock buyback plan on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Several research firms recently commented on MMM. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday, December 5th. Barclays cut their price objective on shares of 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a report on Wednesday, October 24th. Morgan Stanley set a $198.00 price objective on shares of 3M and gave the stock a “hold” rating in a report on Wednesday, October 24th. Credit Suisse Group reiterated an “outperform” rating and issued a $220.00 target price (down from $230.00) on shares of 3M in a research note on Thursday, January 3rd. Finally, UBS Group lowered their target price on shares of 3M from $220.00 to $211.00 and set a “hold” rating on the stock in a research note on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $224.30.

In other news, Director Gregory R. Page bought 1,000 shares of the stock in a transaction on Friday, October 26th. The shares were acquired at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the purchase, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.72% of the company’s stock.

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3M Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and 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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