Centric Wealth Management boosted its stake in 3M Co (NYSE:MMM) by 2.2% in the first quarter, HoldingsChannel reports. The firm owned 2,826 shares of the conglomerate’s stock after purchasing an additional 61 shares during the quarter. Centric Wealth Management’s holdings in 3M were worth $587,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. HC Financial Advisors Inc. increased its position in shares of 3M by 49.4% in the 3rd quarter. HC Financial Advisors Inc. now owns 9,522 shares of the conglomerate’s stock worth $2,006,000 after purchasing an additional 3,147 shares during the last quarter. Standard Life Aberdeen plc increased its position in shares of 3M by 8.4% in the 3rd quarter. Standard Life Aberdeen plc now owns 220,354 shares of the conglomerate’s stock worth $46,430,000 after purchasing an additional 17,144 shares during the last quarter. Moody National Bank Trust Division acquired a new position in shares of 3M in the 4th quarter valued at about $148,000. Arlington Partners LLC boosted its holdings in shares of 3M by 177.8% in the 4th quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock valued at $119,000 after buying an additional 400 shares during the period. Finally, Welch Group LLC boosted its holdings in shares of 3M by 2.9% in the 4th quarter. Welch Group LLC now owns 121,094 shares of the conglomerate’s stock valued at $23,073,000 after buying an additional 3,367 shares during the period. 67.22% of the stock is owned by institutional investors and hedge funds.
3M stock opened at $178.59 on Thursday. 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 cap of $106.77 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 1.93 and a beta of 0.99. 3M Co has a 52-week low of $176.87 and a 52-week high of $219.75.
3M (NYSE:MMM) last posted its earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). The firm had revenue of $7.86 billion for the quarter, compared to analyst estimates of $8.02 billion. 3M had a net margin of 17.43% and a return on equity of 57.42%. The company’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.50 earnings per share. Equities analysts forecast that 3M Co will post 9.45 EPS for the current fiscal year.
MMM has been the subject of several research reports. Citigroup set a $221.00 price target on shares of 3M and gave the company a “buy” rating in a report on Friday, April 26th. Morgan Stanley decreased their price target on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a report on Friday, March 22nd. Deutsche Bank decreased their price target on shares of 3M from $188.00 to $183.00 and set a “hold” rating for the company in a report on Friday, April 26th. Argus lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Finally, Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. 3M currently has an average rating of “Hold” and a consensus target price of $197.92.
In other 3M news, Chairman Inge G. Thulin sold 5,863 shares of the business’s stock in a transaction dated Friday, March 29th. The shares were sold at an average price of $207.78, for a total transaction of $1,218,214.14. Following the completion of the transaction, the chairman now directly owns 268,188 shares of the company’s stock, valued at approximately $55,724,102.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joaquin Delgado sold 4,897 shares of the business’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $207.30, for a total transaction of $1,015,148.10. Following the transaction, the executive vice president now directly owns 23,191 shares of the company’s stock, valued at $4,807,494.30. The disclosure for this sale can be found here. Insiders have sold a total of 36,235 shares of company stock valued at $7,324,125 over the last three months. 0.83% of the stock is currently owned by company insiders.
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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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