Meyer Handelman Co. reduced its stake in shares of 3M Company (NYSE:MMM) by 1.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 257,949 shares of the conglomerate’s stock after selling 4,400 shares during the period. 3M makes up about 2.3% of Meyer Handelman Co.’s portfolio, making the stock its 8th largest position. Meyer Handelman Co.’s holdings in 3M were worth $53,703,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MMM. Cable Hill Partners LLC boosted its position 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 period. Reilly Financial Advisors LLC boosted its position 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 period. Proficio Capital Partners LLC boosted its position in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. boosted its position in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after buying an additional 4 shares during the period. Finally, American Research & Management Co. boosted its position 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 period. 65.80% of the stock is owned by institutional investors and hedge funds.

3M Company (NYSE MMM) traded down 0.10% on Monday, hitting $207.44. 1,172,463 shares of the company were exchanged. The stock has a market capitalization of $123.79 billion, a P/E ratio of 23.66 and a beta of 1.08. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The company has a 50 day moving average price of $209.15 and a 200-day moving average price of $195.17.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. 3M’s revenue was up 1.9% on a year-over-year basis. On average, equities analysts expect that 3M Company will post $8.94 earnings per share for the current fiscal year.

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MMM has been the subject of several recent research reports. Vetr upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $183.19 price target for the company in a research report on Friday, April 14th. Barclays PLC restated an “overweight” rating and issued a $201.00 price target (up from $200.00) on shares of 3M in a research report on Wednesday, April 19th. Jefferies Group LLC increased their price objective on shares of 3M from $210.00 to $219.00 and gave the stock a “buy” rating in a research report on Wednesday, April 19th. Stifel Nicolaus increased their price objective on shares of 3M from $190.00 to $202.00 and gave the stock a “hold” rating in a research report on Wednesday, April 26th. Finally, Credit Suisse Group reiterated a “buy” rating on shares of 3M in a research report on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $203.40.

In related news, insider James L. Bauman sold 14,616 shares of 3M stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $195.81, for a total transaction of $2,861,958.96. Following the completion of the sale, the insider now owns 16,458 shares of the company’s stock, valued at $3,222,640.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Marlene Mary Mcgrath sold 14,766 shares of 3M stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $194.88, for a total value of $2,877,598.08. Following the sale, the vice president now directly 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. Insiders own 0.58% of the company’s stock.

About 3M

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.

Institutional Ownership by Quarter for 3M (NYSE:MMM)

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