Montag A & Associates Inc. Sells 1,137 Shares of 3M Co (NYSE:MMM)

Montag A & Associates Inc. trimmed its position in 3M Co (NYSE:MMM) by 2.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,356 shares of the conglomerate’s stock after selling 1,137 shares during the quarter. Montag A & Associates Inc.’s holdings in 3M were worth $7,128,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. M. Kraus & Co grew its stake in shares of 3M by 5.2% during the second quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock worth $629,000 after buying an additional 179 shares during the last quarter. Edgestream Partners L.P. grew 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 worth $7,887,000 after buying an additional 44,210 shares during the last quarter. Schafer Cullen Capital Management Inc grew 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 worth $102,384,000 after buying an additional 124,665 shares during the last quarter. Hikari Power Ltd grew 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 worth $33,559,000 after buying an additional 7,270 shares during the last quarter. Finally, First Trust Advisors LP grew 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 worth $77,840,000 after buying an additional 94,863 shares during the last quarter. 66.69% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have weighed in on the stock. Morgan Stanley decreased their target price on shares of 3M from $173.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Citigroup decreased their target price on shares of 3M from $197.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, October 15th. Wolfe Research set a $177.00 target price on shares of 3M and gave the stock a “sell” rating in a research note on Friday, October 25th. Credit Suisse Group boosted their target price on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Finally, Royal Bank of Canada decreased their target price on shares of 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $174.08.

Shares of NYSE:MMM traded down $1.37 during mid-day trading on Friday, reaching $173.15. 1,615,575 shares of the company’s stock were exchanged, compared to its average volume of 2,790,791. The firm has a market capitalization of $100.79 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 2.03 and a beta of 1.10. The business’s fifty day moving average price is $163.74 and its 200-day moving average price is $169.38. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.79 and a current ratio of 2.30. 3M Co has a twelve month low of $150.58 and a twelve month high of $219.75.

3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.49 by $0.09. The company had revenue of $7.99 billion for the quarter, compared to analyst estimates of $8.20 billion. 3M had a net margin of 15.48% and a return on equity of 54.02%. 3M’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.58 earnings per share. Analysts predict that 3M Co will post 9.09 EPS for the current fiscal year.

In other news, EVP Khandpur K. Ashish sold 3,362 shares of 3M stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $174.20, for a total transaction of $585,660.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Eric D. Hammes sold 1,341 shares of 3M stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total transaction of $233,669.25. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by insiders.

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.

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

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