Strs Ohio Has $42.72 Million Holdings in 3M Co (NYSE:MMM)

Strs Ohio cut its stake in 3M Co (NYSE:MMM) by 1.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 259,857 shares of the conglomerate’s stock after selling 4,332 shares during the period. Strs Ohio’s holdings in 3M were worth $42,720,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. M. Kraus & Co boosted its position in shares of 3M by 5.2% during the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock worth $629,000 after acquiring an additional 179 shares in the last quarter. Edgestream Partners L.P. raised its stake in shares of 3M by 3,427.1% during the second quarter. Edgestream Partners L.P. now owns 45,500 shares of the conglomerate’s stock valued at $7,887,000 after acquiring an additional 44,210 shares during the last quarter. Schafer Cullen Capital Management Inc raised its stake in shares of 3M by 26.8% during the second quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock valued at $102,384,000 after acquiring an additional 124,665 shares during the last quarter. Hikari Power Ltd raised its stake in shares of 3M by 3.9% during the second quarter. Hikari Power Ltd now owns 193,600 shares of the conglomerate’s stock valued at $33,559,000 after acquiring an additional 7,270 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of 3M by 26.8% during the second quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock valued at $77,840,000 after acquiring an additional 94,863 shares during the last quarter. 66.78% of the stock is owned by hedge funds and other institutional investors.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares of the company’s stock, valued at $1,017,969.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.83% of the company’s stock.

MMM opened at $165.91 on Tuesday. 3M Co has a 1-year low of $150.58 and a 1-year high of $219.75. The company has a current ratio of 1.93, a quick ratio of 1.34 and a debt-to-equity ratio of 1.53. The company has a market cap of $93.83 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 1.87 and a beta of 1.11. The company has a fifty day moving average price of $162.54 and a two-hundred day moving average price of $173.35.

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

A number of equities analysts recently weighed in on MMM shares. JPMorgan Chase & Co. lifted their target price on shares of 3M from $140.00 to $143.00 and gave the stock an “underweight” rating in a research note on Thursday, October 10th. Morgan Stanley lowered their target price on shares of 3M from $177.00 to $173.00 and set an “equal weight” rating for the company in a research note on Friday, September 27th. 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 research note on Monday, October 14th. Citigroup lowered their target price on shares of 3M from $197.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Finally, Bank of America lowered their target price on shares of 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Five equities 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’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $179.54.

About 3M

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.

Recommended Story: Dow Jones Industrial Average (DJIA)

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.