City Holding Co. increased its position in 3M Co (NYSE:MMM) by 1.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 19,010 shares of the conglomerate’s stock after acquiring an additional 302 shares during the quarter. City Holding Co.’s holdings in 3M were worth $3,295,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in MMM. Norges Bank purchased a new stake in 3M in the 4th quarter worth about $918,305,000. Ronna Sue Cohen increased its holdings in 3M by 20,703.2% in the 1st quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock worth $2,685,000 after acquiring an additional 2,672,577 shares during the last quarter. Thoroughbred Financial Services LLC increased its holdings in 3M by 17,524.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock worth $168,081,000 after acquiring an additional 1,671,269 shares during the last quarter. Bessemer Group Inc. increased its holdings in 3M by 2,768.8% in the 4th quarter. Bessemer Group Inc. now owns 578,657 shares of the conglomerate’s stock worth $110,258,000 after acquiring an additional 558,486 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in 3M by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after acquiring an additional 353,754 shares during the last quarter. 66.62% of the stock is owned by institutional investors.
In other 3M news, Director David B. Dillon acquired 1,200 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was bought at an average price of $169.50 per share, with a total value of $203,400.00. Following the completion of the acquisition, the director now owns 1,200 shares of the company’s stock, valued at $203,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory R. Page acquired 1,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were acquired at an average cost of $176.26 per share, with a total value of $176,260.00. Following the acquisition, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $705,040. The disclosure for this purchase can be found here. Insiders have bought 3,200 shares of company stock valued at $559,260 in the last three months. 0.83% of the stock is owned by insiders.
MMM stock traded down $2.53 during mid-day trading on Friday, reaching $175.60. 787,547 shares of the company traded hands, compared to its average volume of 2,444,427. The company has a quick ratio of 1.38, a current ratio of 2.02 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $103.42 billion, a P/E ratio of 16.79, a P/E/G ratio of 1.90 and a beta of 1.09. 3M Co has a 52-week low of $159.32 and a 52-week high of $219.75. The company has a fifty day moving average price of $171.54.
3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 57.42% and a net margin of 17.43%. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the previous year, the firm earned $2.59 earnings per share. 3M’s revenue was down 2.6% on a year-over-year basis. Analysts expect that 3M Co will post 9.29 earnings per share for the current fiscal year.
A number of research firms have weighed in on MMM. Argus lifted their target price on Waste Management from $110.00 to $115.00 and gave the company a “buy” rating in a report on Friday, April 26th. Barclays reaffirmed a “hold” rating and set a $23.00 target price on shares of Cypress Semiconductor in a report on Thursday, June 6th. Deutsche Bank lifted their target price on Rockwell Automation from $173.00 to $186.00 and gave the company a “hold” rating in a report on Friday, April 26th. Credit Suisse Group set a €67.00 ($77.91) target price on Basf and gave the company a “buy” rating in a report on Friday. Finally, Morgan Stanley set a $28.00 target price on BJs Wholesale Club and gave the company a “hold” rating in a report on Friday, May 24th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $182.08.
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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