Conning Inc. Has $24,846,000 Stake in 3M Co. (MMM)
Conning Inc. lowered its stake in 3M Co. (NYSE:MMM) by 4.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 141,881 shares of the company’s stock after selling 6,163 shares during the period. Conning Inc.’s holdings in 3M were worth $24,846,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the company. CenturyLink Investment Management Co purchased a new position in shares of 3M during the second quarter valued at $116,000. Parasol Investment Management LLC raised its position in shares of 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock valued at $157,000 after buying an additional 100 shares during the period. Clarius Group LLC purchased a new position in shares of 3M during the first quarter valued at $202,000. Independence Advisors LLC purchased a new position in shares of 3M during the second quarter valued at $203,000. Finally, 10 15 Associates Inc. purchased a new position in shares of 3M during the first quarter valued at $204,000. Institutional investors and hedge funds own 65.66% of the company’s stock.
3M Co. (NYSE:MMM) traded down 0.07% during trading on Monday, reaching $170.21. The company had a trading volume of 1,229,184 shares. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27. The stock has a market cap of $102.87 billion, a P/E ratio of 21.72 and a beta of 0.99. The firm has a 50-day moving average price of $175.82 and a 200 day moving average price of $173.41.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The business had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. During the same period in the previous year, the company posted $2.02 EPS. 3M’s revenue was down .3% on a year-over-year basis. Equities research analysts predict that 3M Co. will post $8.21 EPS for the current fiscal year.
Several research analysts recently weighed in on MMM shares. Jefferies Group increased their target price on 3M from $190.00 to $210.00 and gave the stock a “buy” rating in a research report on Tuesday, July 19th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of 3M in a research report on Sunday, July 10th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, October 5th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $166.20.
In related news, insider James L. Bauman sold 9,066 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $178.42, for a total value of $1,617,555.72. Following the completion of the sale, the insider now directly owns 10,834 shares in the company, valued at $1,933,002.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul A. Keel sold 3,180 shares of the company’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $567,280.20. Following the completion of the sale, the insider now owns 9,961 shares of the company’s stock, valued at $1,776,942.79. 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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