Flagship Harbor Advisors LLC Sells 328 Shares of 3M Co (NYSE:MMM)

Flagship Harbor Advisors LLC lessened its stake in 3M Co (NYSE:MMM) by 5.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,738 shares of the conglomerate’s stock after selling 328 shares during the period. Flagship Harbor Advisors LLC’s holdings in 3M were worth $943,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Park National Corp OH lifted its position in shares of 3M by 6.0% in the second quarter. Park National Corp OH now owns 192,590 shares of the conglomerate’s stock valued at $33,383,000 after buying an additional 10,852 shares during the last quarter. Pensionfund DSM Netherlands lifted 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 buying an additional 2,100 shares during the last quarter. Pensionfund Sabic lifted 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 buying an additional 1,100 shares during the last quarter. Fulton Bank N.A. lifted 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 buying 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 approximately $520,000. 66.78% of the stock is owned by institutional investors and hedge funds.

In related news, insider John Patrick Banovetz sold 1,040 shares of 3M 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 completion of the sale, the insider now directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.83% of the company’s stock.

NYSE:MMM traded down $8.01 during mid-day trading on Thursday, hitting $160.75. 793,042 shares of the stock were exchanged, compared to its average volume of 2,843,402. The stock has a market capitalization of $96.38 billion, a price-to-earnings ratio of 15.37, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11. The firm’s 50-day simple moving average is $162.79 and its 200 day simple moving average is $172.89. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75.

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

A number of analysts have recently issued reports on the company. Credit Suisse Group raised their price objective 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. Bank of America cut their price objective on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. UBS Group cut their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Royal Bank of Canada set a $179.00 price objective on 3M and gave the company a “hold” rating in a research report on Friday, July 26th. Finally, Barclays cut their price objective on 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a research report on Thursday, October 3rd. 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 stock. The stock presently has an average rating of “Hold” and a consensus target price of $179.54.

3M Company 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.

See Also: Arbitrage

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

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