3M Company (MMM) Position Cut by Neville Rodie & Shaw Inc.
Neville Rodie & Shaw Inc. decreased its position in 3M Company (NYSE:MMM) by 1.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,421 shares of the conglomerate’s stock after selling 300 shares during the period. Neville Rodie & Shaw Inc.’s holdings in 3M were worth $5,756,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its holdings in 3M by 0.3% in the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock valued at $626,792,000 after buying an additional 8,239 shares during the period. Smithfield Trust Co. lifted its holdings in 3M by 0.7% in the first quarter. Smithfield Trust Co. now owns 17,364 shares of the conglomerate’s stock valued at $3,322,000 after buying an additional 122 shares during the period. C.V. Starr & Co. Inc. Trust lifted its holdings in 3M by 20.0% in the first quarter. C.V. Starr & Co. Inc. Trust now owns 60,000 shares of the conglomerate’s stock valued at $11,480,000 after buying an additional 10,000 shares during the period. Twin Capital Management Inc. acquired a new position in 3M in the second quarter valued at $6,178,000. Finally, Gotham Asset Management LLC lifted its holdings in 3M by 3.6% in the first quarter. Gotham Asset Management LLC now owns 99,873 shares of the conglomerate’s stock valued at $19,109,000 after buying an additional 3,427 shares during the period. Institutional investors and hedge funds own 66.18% of the company’s stock.
Several equities analysts recently issued reports on the stock. Royal Bank Of Canada restated a “hold” rating and issued a $205.00 target price on shares of 3M in a report on Friday, October 13th. Jefferies Group LLC restated a “buy” rating and issued a $234.00 target price on shares of 3M in a report on Wednesday, August 16th. Stifel Nicolaus restated a “hold” rating and issued a $210.00 target price on shares of 3M in a report on Friday, July 28th. Morgan Stanley boosted their target price on shares of 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a report on Monday, October 2nd. Finally, Citigroup Inc. restated a “buy” rating and issued a $250.00 target price (up previously from $228.00) on shares of 3M in a report on Monday, October 9th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $209.77.
3M Company (NYSE MMM) traded up 0.23% during midday trading on Wednesday, reaching $218.25. 422,709 shares of the company’s stock traded hands. The company’s 50-day moving average price is $210.45 and its 200-day moving average price is $204.37. The stock has a market cap of $130.24 billion, a P/E ratio of 24.89 and a beta of 1.09. 3M Company has a 52-week low of $163.85 and a 52-week high of $219.76.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the business earned $2.08 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. On average, equities analysts predict that 3M Company will post $8.96 EPS for the current fiscal year.
In related news, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is currently owned by corporate insiders.
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.
Receive News & Stock Ratings for 3M Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Company and related stocks with our FREE daily email newsletter.