Silver Lake Advisory LLC boosted its stake in 3M Co (NYSE:MMM) by 5.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,428 shares of the conglomerate’s stock after purchasing an additional 1,134 shares during the period. 3M makes up approximately 2.2% of Silver Lake Advisory LLC’s holdings, making the stock its 16th largest position. Silver Lake Advisory LLC’s holdings in 3M were worth $3,358,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in 3M by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock worth $8,613,040,000 after buying an additional 407,636 shares during the period. BlackRock Inc. boosted its holdings in 3M by 1.2% in the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock worth $6,783,640,000 after buying an additional 472,084 shares during the period. Bank of New York Mellon Corp boosted its holdings in 3M by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,349,242 shares of the conglomerate’s stock worth $927,238,000 after buying an additional 72,266 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in 3M by 4.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,440,014 shares of the conglomerate’s stock worth $769,633,000 after buying an additional 173,877 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in 3M by 1,337.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock worth $490,689,000 after buying an additional 2,633,848 shares during the period. 66.78% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE MMM traded up $2.42 during mid-day trading on Monday, hitting $165.52. 318,658 shares of the company’s stock traded hands, compared to its average volume of 2,947,865. The company’s 50-day moving average is $162.39 and its two-hundred day moving average is $174.05. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The company has a market capitalization of $94.08 billion, a P/E ratio of 15.82, a PEG ratio of 1.88 and a beta of 1.11. 3M Co has a 1 year low of $150.58 and a 1 year high of $219.75.
In other news, insider John Patrick Banovetz sold 1,040 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the sale, the insider now directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.83% of the stock is currently owned by corporate insiders.
Several research analysts recently weighed in on MMM shares. JPMorgan Chase & Co. upped their target price on shares of 3M from $140.00 to $143.00 and gave the stock an “underweight” rating in a report on Thursday, October 10th. UBS Group dropped their target price on shares of 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Royal Bank of Canada set a $179.00 target price on shares of 3M and gave the stock a “hold” rating in a report on Friday, July 26th. Barclays dropped their target price on shares of 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a report on Thursday, October 3rd. Finally, Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating and set a $166.00 target price for the company. in a report on Monday, October 14th. Five research 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. 3M presently has an average rating of “Hold” and a consensus target price of $179.54.
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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