Wells Fargo & Company MN reduced its position in shares of 3M Co (NYSE:MMM) by 1.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,816,594 shares of the conglomerate’s stock after selling 78,481 shares during the period. Wells Fargo & Company MN’s holdings in 3M were worth $1,436,325,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of 3M by 25.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,172 shares of the conglomerate’s stock worth $2,800,000 after acquiring an additional 3,048 shares during the last quarter. Marathon Asset Management LLP boosted its position in shares of 3M by 31.4% in the third quarter. Marathon Asset Management LLP now owns 345,365 shares of the conglomerate’s stock worth $72,772,000 after acquiring an additional 82,456 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of 3M by 4.2% in the third quarter. Daiwa Securities Group Inc. now owns 40,752 shares of the conglomerate’s stock worth $8,586,000 after acquiring an additional 1,657 shares during the last quarter. Franklin Parlapiano Turner & Welch LLC boosted its position in shares of 3M by 2.3% in the third quarter. Franklin Parlapiano Turner & Welch LLC now owns 23,585 shares of the conglomerate’s stock worth $4,970,000 after acquiring an additional 526 shares during the last quarter. Finally, Welch Group LLC boosted its position in shares of 3M by 5.8% in the third quarter. Welch Group LLC now owns 117,727 shares of the conglomerate’s stock worth $24,806,000 after acquiring an additional 6,445 shares during the last quarter. 67.69% of the stock is currently owned by institutional investors.

MMM has been the topic of several research analyst reports. Citigroup decreased their target price on shares of 3M from $251.00 to $228.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Gordon Haskett initiated coverage on shares of 3M in a research report on Friday, October 12th. They issued a “buy” rating on the stock. Royal Bank of Canada reissued a “buy” rating and issued a $234.00 target price on shares of 3M in a research report on Wednesday, July 25th. Argus decreased their target price on shares of 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Finally, Morgan Stanley initiated coverage on shares of 3M in a research report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $225.23.

In related news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the transaction, the insider now owns 5,634 shares in the company, valued at $1,216,944. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory R. Page purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The stock was acquired at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The disclosure for this purchase can be found here. Company insiders own 0.72% of the company’s stock.

NYSE MMM opened at $198.02 on Tuesday. 3M Co has a one year low of $181.98 and a one year high of $259.77. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97. The company has a market capitalization of $117.10 billion, a P/E ratio of 21.59, a price-to-earnings-growth ratio of 1.97 and a beta of 1.18.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The business had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same quarter in the previous year, the business posted $2.33 EPS. The company’s quarterly revenue was down .2% on a year-over-year basis. Equities research analysts predict that 3M Co will post 10.02 EPS for the current year.

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3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

Further Reading: Yield Curve

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

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