Independent Investors Inc. lessened its stake in 3M Co (NYSE:MMM) by 1.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 29,550 shares of the conglomerate’s stock after selling 300 shares during the quarter. 3M accounts for about 2.4% of Independent Investors Inc.’s portfolio, making the stock its 11th largest position. Independent Investors Inc.’s holdings in 3M were worth $5,630,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of MMM. Fundsmith Equity Fund L.P. bought a new stake in 3M during the second quarter valued at $668,488,000. Rehmann Capital Advisory Group boosted its holdings in shares of 3M by 14,237.6% during the third quarter. Rehmann Capital Advisory Group now owns 939,688 shares of the conglomerate’s stock valued at $8,941,033,000 after acquiring an additional 933,134 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of 3M by 8.7% during the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after acquiring an additional 537,325 shares during the period. Morgan Stanley boosted its holdings in shares of 3M by 17.3% during the second quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock valued at $710,678,000 after acquiring an additional 534,001 shares during the period. Finally, Cornerstone Wealth Management LLC lifted its holdings in 3M by 45.6% in the third quarter. Cornerstone Wealth Management LLC now owns 1,209,939 shares of the conglomerate’s stock worth $5,584,000 after purchasing an additional 378,791 shares during the period. Institutional investors and hedge funds own 66.17% of the company’s stock.
MMM stock opened at $192.21 on Monday. The stock has a market capitalization of $111.97 billion, a P/E ratio of 20.96, a P/E/G ratio of 1.75 and a beta of 1.14. 3M Co has a fifty-two week low of $176.87 and a fifty-two week high of $259.77. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36.
3M announced that its board has initiated a stock buyback program on Tuesday, November 13th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
Several equities research analysts recently weighed in on MMM shares. Credit Suisse Group started coverage on shares of 3M in a report on Friday, October 12th. They issued an “outperform” rating and a $228.00 price objective for the company. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Monday, October 29th. Barclays reduced their price objective on shares of 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a report on Wednesday, October 24th. Citigroup reduced their price objective on shares of 3M from $251.00 to $228.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $213.00 price objective on shares of 3M in a report on Wednesday, December 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $224.30.
In other 3M news, Director Gregory R. Page purchased 1,000 shares of the company’s stock in a transaction on Friday, October 26th. The shares were purchased at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the transaction, the director now owns 1,500 shares in the company, valued at $276,750. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is currently owned by insiders.
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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.
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