Toth Financial Advisory Corp boosted its stake in shares of 3M (NYSE:MMM) by 23.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,945 shares of the conglomerate’s stock after acquiring an additional 1,905 shares during the quarter. Toth Financial Advisory Corp’s holdings in 3M were worth $1,593,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Evolution Wealth Advisors LLC grew its holdings in 3M by 41.1% during the 2nd quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock worth $39,000 after acquiring an additional 72 shares during the last quarter. Blue Square Asset Management LLC bought a new stake in 3M during the 2nd quarter worth about $43,000. Weaver Consulting Group grew its holdings in 3M by 51.3% during the 2nd quarter. Weaver Consulting Group now owns 292 shares of the conglomerate’s stock worth $46,000 after acquiring an additional 99 shares during the last quarter. Prestige Wealth Management Group LLC grew its holdings in 3M by 50.8% during the 1st quarter. Prestige Wealth Management Group LLC now owns 356 shares of the conglomerate’s stock worth $49,000 after acquiring an additional 120 shares during the last quarter. Finally, Islay Capital Management LLC grew its holdings in 3M by 250.0% during the 2nd quarter. Islay Capital Management LLC now owns 350 shares of the conglomerate’s stock worth $55,000 after acquiring an additional 250 shares during the last quarter. 64.57% of the stock is currently owned by hedge funds and other institutional investors.
MMM has been the topic of a number of research analyst reports. Credit Suisse Group increased their price objective on shares of 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Royal Bank of Canada raised their target price on shares of 3M from $158.00 to $170.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 29th. Barclays raised their target price on shares of 3M from $156.00 to $157.00 and gave the company an “underweight” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. raised their target price on shares of 3M from $159.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, October 7th. Finally, Morgan Stanley raised their target price on shares of 3M from $166.00 to $173.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 13th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $167.79.
In other 3M news, SVP John Patrick Banovetz sold 2,228 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $164.81, for a total transaction of $367,196.68. Following the sale, the senior vice president now directly owns 10,506 shares in the company, valued at approximately $1,731,493.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.42% of the company’s stock.
MMM stock traded up $1.89 during mid-day trading on Friday, hitting $170.97. 2,478,787 shares of the company were exchanged, compared to its average volume of 3,569,208. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.36 and a current ratio of 1.94. The firm has a market cap of $98.48 billion, a P/E ratio of 19.38, a P/E/G ratio of 2.14 and a beta of 0.97. The firm’s 50 day simple moving average is $164.90 and its 200 day simple moving average is $155.83. 3M has a 1-year low of $114.04 and a 1-year high of $182.54.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 28th. The conglomerate reported $1.78 EPS for the quarter, topping the consensus estimate of $1.77 by $0.01. The firm had revenue of $7.18 billion for the quarter, compared to the consensus estimate of $7.29 billion. 3M had a net margin of 16.38% and a return on equity of 46.86%. The business’s quarterly revenue was down 12.2% on a year-over-year basis. During the same period last year, the company posted $2.20 EPS. On average, equities research analysts predict that 3M will post 8.37 EPS for the current fiscal year.
3M Company Profile
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
Featured Story: How Do Mutual Funds Work?
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.