3M Co. (MMM) Shares Sold by Seaward Management Limited Partnership
Seaward Management Limited Partnership cut its stake in 3M Co. (NYSE:MMM) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,784 shares of the company’s stock after selling 980 shares during the period. Seaward Management Limited Partnership’s holdings in 3M were worth $18,524,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Joel Isaacson & Co. LLC increased its position in 3M by 84.3% in the second quarter. Joel Isaacson & Co. LLC now owns 7,573 shares of the company’s stock valued at $1,326,000 after buying an additional 3,464 shares during the period. Capstone Asset Management Co. increased its position in 3M by 2.0% in the second quarter. Capstone Asset Management Co. now owns 144,584 shares of the company’s stock valued at $25,319,000 after buying an additional 2,879 shares during the period. S&CO Inc. increased its position in 3M by 1.2% in the second quarter. S&CO Inc. now owns 68,419 shares of the company’s stock valued at $11,982,000 after buying an additional 800 shares during the period. CIBC World Markets Inc. increased its position in 3M by 5.1% in the second quarter. CIBC World Markets Inc. now owns 81,913 shares of the company’s stock valued at $14,345,000 after buying an additional 3,988 shares during the period. Finally, Charter Trust Co. increased its position in 3M by 1.0% in the second quarter. Charter Trust Co. now owns 92,631 shares of the company’s stock valued at $16,221,000 after buying an additional 951 shares during the period. 65.67% of the stock is owned by institutional investors.
Shares of 3M Co. (NYSE:MMM) traded up 0.18% during midday trading on Friday, reaching $170.33. The company’s stock had a trading volume of 1,512,376 shares. The company has a 50 day moving average price of $176.09 and a 200-day moving average price of $173.28. The stock has a market capitalization of $102.95 billion, a PE ratio of 21.74 and a beta of 0.99. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.01. 3M had a return on equity of 41.84% and a net margin of 16.29%. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. During the same period last year, the firm earned $2.02 EPS. The company’s quarterly revenue was down .3% on a year-over-year basis. On average, equities research analysts expect that 3M Co. will post $8.21 EPS for the current year.
Several research firms recently weighed in on MMM. Credit Suisse Group AG reiterated an “outperform” rating and set a $186.00 target price (up from $178.00) on shares of 3M in a research report on Thursday, July 28th. Jefferies Group restated a “buy” rating on shares of 3M in a research report on Thursday, August 4th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Deutsche Bank AG restated a “hold” rating and issued a $164.00 price objective on shares of 3M in a research report on Thursday, August 25th. Finally, Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, October 5th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. 3M currently has an average rating of “Hold” and a consensus price target of $167.11.
In other news, insider James L. Bauman sold 9,066 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the sale, the insider now directly owns 10,834 shares in the company, valued at approximately $1,933,002.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Khandpur K. Ashish sold 1,679 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $299,516.81. Following the sale, the vice president now owns 1,011 shares in the company, valued at $180,352.29. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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