3M Co (MMM) Holdings Reduced by Exchange Capital Management Inc.

Exchange Capital Management Inc. cut its holdings in shares of 3M Co (NYSE:MMM) by 13.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,152 shares of the conglomerate’s stock after selling 772 shares during the quarter. Exchange Capital Management Inc.’s holdings in 3M were worth $1,086,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of MMM. Massachusetts Financial Services Co. MA increased its holdings in shares of 3M by 2.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 11,377,995 shares of the conglomerate’s stock worth $2,238,278,000 after purchasing an additional 257,182 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of 3M by 8.7% in the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after purchasing an additional 537,325 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of 3M by 5.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,839,336 shares of the conglomerate’s stock worth $755,275,000 after purchasing an additional 194,950 shares during the last quarter. Morgan Stanley increased its holdings in shares of 3M by 17.3% in the second quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock worth $710,678,000 after purchasing an additional 534,001 shares during the last quarter. Finally, Parnassus Investments CA bought a new stake in shares of 3M in the second quarter worth about $706,178,000. 67.19% of the stock is currently owned by institutional investors and hedge funds.

In other 3M news, insider Jon T. Lindekugel sold 6,410 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $203.01, for a total transaction of $1,301,294.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the company’s stock in a transaction on Friday, October 26th. The shares were acquired at an average price of $184.50 per share, with a total value of $184,500.00. Following the transaction, the director now directly owns 1,500 shares of the company’s stock, valued at $276,750. The disclosure for this purchase can be found here. Company insiders own 0.72% of the company’s stock.



Several equities research analysts have recently issued reports on the company. Morgan Stanley assumed coverage on 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 target price on the stock. MED cut 3M from a “buy” rating to a “hold” rating and set a $208.00 target price on the stock. in a report on Thursday, July 12th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Monday. Deutsche Bank reaffirmed a “hold” rating and issued a $208.00 target price on shares of 3M in a report on Thursday, July 12th. Finally, Barclays dropped their price target on 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $225.23.

MMM opened at $185.79 on Tuesday. The stock has a market capitalization of $107.69 billion, a P/E ratio of 20.26, a P/E/G ratio of 1.81 and a beta of 1.15. 3M Co has a 12 month low of $181.98 and a 12 month high of $259.77. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31.

3M (NYSE:MMM) last released 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). The company had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The company’s revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.33 EPS. Analysts anticipate that 3M Co will post 10.03 earnings per share for the current year.

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: Retained Earnings

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).

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

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply