Harvey Investment Co. LLC Increases Stock Holdings in 3M Co (NYSE:MMM)

Harvey Investment Co. LLC lifted its stake in shares of 3M Co (NYSE:MMM) by 0.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 102,689 shares of the conglomerate’s stock after acquiring an additional 220 shares during the period. 3M makes up 2.8% of Harvey Investment Co. LLC’s holdings, making the stock its 13th biggest holding. Harvey Investment Co. LLC’s holdings in 3M were worth $16,882,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Park National Corp OH lifted its stake in 3M by 6.0% during the 2nd quarter. Park National Corp OH now owns 192,590 shares of the conglomerate’s stock valued at $33,383,000 after acquiring an additional 10,852 shares during the period. Pensionfund DSM Netherlands increased its position in shares of 3M by 10.7% in the second quarter. Pensionfund DSM Netherlands now owns 21,700 shares of the conglomerate’s stock valued at $3,761,000 after acquiring an additional 2,100 shares during the last quarter. Pensionfund Sabic increased its position in shares of 3M by 8.3% in the second quarter. Pensionfund Sabic now owns 14,400 shares of the conglomerate’s stock valued at $2,496,000 after acquiring an additional 1,100 shares during the last quarter. Fulton Bank N.A. increased its position in shares of 3M by 4.0% in the second quarter. Fulton Bank N.A. now owns 17,665 shares of the conglomerate’s stock valued at $3,062,000 after acquiring an additional 672 shares during the last quarter. Finally, Silverleafe Capital Partners LLC acquired a new stake in shares of 3M in the second quarter valued at about $520,000. Institutional investors and hedge funds own 66.78% of the company’s stock.

A number of analysts recently issued reports on MMM shares. JPMorgan Chase & Co. lifted their target price on 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research report on Thursday, October 10th. UBS Group lowered their target price on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating and set a $166.00 target price on the stock. in a research report on Monday, October 14th. Credit Suisse Group lifted their target price on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. Finally, Bank of America lowered their target price on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. 3M has an average rating of “Hold” and an average price target of $179.54.

NYSE MMM traded up $2.18 during trading on Monday, reaching $165.28. 986,654 shares of the company’s stock were exchanged, compared to its average volume of 2,947,865. The business has a 50 day moving average price of $162.39 and a 200-day moving average price of $174.05. The stock has a market capitalization of $94.08 billion, a P/E ratio of 15.80, a PEG ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75.

3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.59 earnings per share. On average, analysts forecast that 3M Co will post 9.18 earnings per share for the current year.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.83% of the stock is owned by insiders.

3M Profile

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

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