Cullinan Associates Inc. Lowers Position in 3M Co (NYSE:MMM)
Cullinan Associates Inc. lowered its holdings in 3M Co (NYSE:MMM) by 12.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,188 shares of the conglomerate’s stock after selling 8,045 shares during the period. Cullinan Associates Inc.’s holdings in 3M were worth $9,560,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the business. Kanawha Capital Management LLC grew its position in 3M by 1.4% in the second quarter. Kanawha Capital Management LLC now owns 62,713 shares of the conglomerate’s stock valued at $10,871,000 after acquiring an additional 837 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of 3M by 3.7% during the second quarter. Schroder Investment Management Group now owns 820,263 shares of the conglomerate’s stock worth $142,184,000 after purchasing an additional 28,897 shares during the last quarter. ETRADE Capital Management LLC grew its holdings in shares of 3M by 8.9% during the second quarter. ETRADE Capital Management LLC now owns 1,844 shares of the conglomerate’s stock worth $320,000 after purchasing an additional 151 shares during the last quarter. A.R.T. Advisors LLC bought a new stake in shares of 3M during the second quarter worth about $1,369,000. Finally, Putnam Investments LLC grew its holdings in shares of 3M by 410.3% during the second quarter. Putnam Investments LLC now owns 27,241 shares of the conglomerate’s stock worth $4,722,000 after purchasing an additional 21,903 shares during the last quarter. 66.53% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Julie L. Bushman sold 6,879 shares of 3M stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $165.09, for a total value of $1,135,654.11. Also, SVP Eric D. Hammes sold 1,341 shares of 3M stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total value of $233,669.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,216 shares of company stock worth $2,233,940. 0.83% of the stock is owned by insiders.
3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, October 24th. The conglomerate reported $2.58 EPS for the quarter, topping the Zacks’ consensus estimate of $2.49 by $0.09. The company had revenue of $7.99 billion for the quarter, compared to analyst estimates of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.58 earnings per share. Equities analysts anticipate that 3M Co will post 9.04 earnings per share for the current fiscal year.
MMM has been the topic of several research reports. Morgan Stanley reduced their price target on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Wolfe Research upgraded 3M from an “underperform” rating to a “peer perform” rating in a report on Thursday, January 9th. Citigroup cut 3M from a “buy” rating to a “neutral” rating and set a $180.00 price target on the stock. in a report on Monday, December 9th. Royal Bank of Canada reduced their price target on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Finally, UBS Group cut 3M from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $180.00 to $160.00 in a report on Thursday, December 12th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $174.08.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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