Birch Hill Investment Advisors LLC Cuts Holdings in 3M Co (NYSE:MMM)

Birch Hill Investment Advisors LLC trimmed its holdings in shares of 3M Co (NYSE:MMM) by 1.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,274 shares of the conglomerate’s stock after selling 150 shares during the period. Birch Hill Investment Advisors LLC’s holdings in 3M were worth $1,853,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Vanguard Group Inc. raised its position in 3M by 0.8% in the second quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock valued at $8,613,040,000 after purchasing an additional 407,636 shares during the period. BlackRock Inc. increased its position in shares of 3M by 1.2% during the second quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock worth $6,783,640,000 after acquiring an additional 472,084 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of 3M by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 5,349,242 shares of the conglomerate’s stock worth $927,238,000 after acquiring an additional 72,266 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 3M by 4.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 4,440,014 shares of the conglomerate’s stock worth $769,633,000 after acquiring an additional 173,877 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its position in shares of 3M by 1,337.4% during the second quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock worth $490,689,000 after acquiring an additional 2,633,848 shares during the last quarter. 66.78% of the stock is owned by hedge funds and other institutional investors.

3M stock traded up $2.28 during midday trading on Thursday, hitting $164.46. The stock had a trading volume of 37,902 shares, compared to its average volume of 2,924,050. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. The stock has a market cap of $92.34 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.83 and a beta of 1.11. 3M Co has a 12 month low of $150.58 and a 12 month high of $219.75. The business has a fifty day moving average price of $162.12 and a 200 day moving average price of $174.49.

3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. 3M’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.59 earnings per share. On average, equities analysts anticipate that 3M Co will post 9.18 EPS for the current fiscal year.

In related news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.83% of the stock is owned by insiders.

A number of analysts have recently issued reports on the company. Credit Suisse Group lifted their target price on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. JPMorgan Chase & Co. lifted their target price on 3M from $140.00 to $143.00 and gave the stock an “underweight” rating in a research report on Thursday, October 10th. 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. Morgan Stanley dropped their target price on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research report on Friday, September 27th. Finally, Citigroup dropped their target price on 3M from $197.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $179.54.

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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