Moody Lynn & Lieberson LLC Reduces Holdings in 3M Company (MMM)
Moody Lynn & Lieberson LLC reduced its position in 3M Company (NYSE:MMM) by 3.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,068 shares of the conglomerate’s stock after selling 770 shares during the period. Moody Lynn & Lieberson LLC’s holdings in 3M were worth $5,052,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of MMM. MPS Loria Financial Planners LLC acquired a new position in 3M in the 2nd quarter worth about $124,000. Hoertkorn Richard Charles acquired a new position in 3M in the 3rd quarter worth about $126,000. Proficio Capital Partners LLC increased its position in 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after purchasing an additional 404 shares during the last quarter. Harfst & Associates Inc. increased its position in 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after purchasing an additional 100 shares during the last quarter. Finally, FDO Partners LLC acquired a new position in 3M in the 1st quarter worth about $203,000. 66.26% of the stock is currently owned by institutional investors.
Shares of 3M Company (MMM) traded down $0.94 during trading hours on Monday, reaching $227.45. The company had a trading volume of 1,295,800 shares, compared to its average volume of 1,841,446. 3M Company has a 1 year low of $170.72 and a 1 year high of $238.90. The company has a market cap of $136,010.00, a P/E ratio of 25.41, a price-to-earnings-growth ratio of 2.46 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the prior year, the company earned $2.15 EPS. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. research analysts predict that 3M Company will post 9.08 EPS for the current fiscal year.
In other 3M news, insider Jon T. Lindekugel sold 400 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $230.06, for a total value of $92,024.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Khandpur K. Ashish sold 4,004 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $231.39, for a total value of $926,485.56. Following the completion of the sale, the vice president now owns 5,236 shares of the company’s stock, valued at approximately $1,211,558.04. The disclosure for this sale can be found here. Insiders sold a total of 26,951 shares of company stock valued at $6,159,012 in the last quarter. Corporate insiders own 0.58% of the company’s stock.
Several research analysts have weighed in on MMM shares. Bank of America Corporation upped their target price on 3M from $227.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Credit Suisse Group reiterated an “outperform” rating and set a $237.00 price target (up previously from $229.00) on shares of 3M in a research note on Wednesday, October 11th. J P Morgan Chase & Co downgraded 3M from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $185.00 to $201.00 in a research note on Wednesday, September 20th. Finally, Argus upped their price target on 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. 3M has a consensus rating of “Hold” and a consensus target price of $231.16.
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, , 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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