Alpha Cubed Investments LLC Has $1.08 Million Position in 3M Company (NYSE:MMM)
Alpha Cubed Investments LLC raised its stake in shares of 3M Company (NYSE:MMM) by 14.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,643 shares of the conglomerate’s stock after buying an additional 702 shares during the period. Alpha Cubed Investments LLC’s holdings in 3M were worth $1,080,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Cable Hill Partners LLC raised its stake in shares of 3M by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock valued at $122,000 after buying an additional 15 shares during the last quarter. Reilly Financial Advisors LLC raised its stake in shares of 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares during the last quarter. Jackson Grant Investment Advisers Inc. raised its stake in shares of 3M by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 714 shares of the conglomerate’s stock valued at $128,000 after buying an additional 4 shares during the last quarter. Israel Discount Bank of New York GFN acquired a new stake in shares of 3M during the fourth quarter valued at about $145,000. Finally, American Research & Management Co. raised its stake in shares of 3M by 8.1% in the first quarter. American Research & Management Co. now owns 935 shares of the conglomerate’s stock valued at $179,000 after buying an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 65.80% of the company’s stock.
Shares of 3M Company (MMM) traded down 0.15% during mid-day trading on Monday, hitting $207.33. 945,133 shares of the company traded hands. The firm has a 50-day moving average of $209.15 and a 200-day moving average of $195.17. The stock has a market capitalization of $123.73 billion, a price-to-earnings ratio of 23.65 and a beta of 1.08. 3M Company has a one year low of $163.85 and a one year high of $214.57.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. The company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. 3M’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.08 EPS. On average, equities analysts predict that 3M Company will post $8.94 earnings per share for the current year.
A number of research analysts have recently commented on MMM shares. Vetr raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.19 price objective for the company in a research report on Friday, April 14th. Barclays PLC reissued an “overweight” rating and issued a $201.00 price objective (up previously from $200.00) on shares of 3M in a research report on Wednesday, April 19th. Jefferies Group LLC lifted their price objective on shares of 3M from $210.00 to $219.00 and gave the company a “buy” rating in a research report on Wednesday, April 19th. Stifel Nicolaus lifted their price objective on shares of 3M from $190.00 to $202.00 and gave the company a “hold” rating in a research report on Wednesday, April 26th. Finally, Credit Suisse Group reissued a “buy” rating on shares of 3M in a research report on Thursday, April 27th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. 3M currently has an average rating of “Hold” and a consensus target price of $203.40.
In other 3M news, insider James L. Bauman sold 14,616 shares of the stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $195.81, for a total transaction of $2,861,958.96. Following the completion of the transaction, the insider now owns 16,458 shares in the company, valued at $3,222,640.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marlene Mary Mcgrath sold 14,766 shares of the stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the transaction, the vice president now owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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