Davidson Investment Advisors reduced its stake in shares of 3M Co (NYSE:MMM) by 0.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 54,927 shares of the conglomerate’s stock after selling 131 shares during the quarter. Davidson Investment Advisors’ holdings in 3M were worth $9,030,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Kempen Capital Management N.V. purchased a new stake in shares of 3M in the second quarter valued at about $25,000. 1 North Wealth Services LLC acquired a new position in 3M during the 3rd quarter valued at about $26,000. Atwater Malick LLC acquired a new position in 3M during the 3rd quarter valued at about $30,000. Bridger Capital Management LLC acquired a new position in 3M during the 3rd quarter valued at about $33,000. Finally, Arcus Capital Partners LLC acquired a new position in 3M during the 2nd quarter valued at about $35,000. Institutional investors own 66.55% of the company’s stock.
In related news, EVP Khandpur K. Ashish sold 3,362 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $174.20, for a total transaction of $585,660.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Eric D. Hammes sold 1,341 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total value of $233,669.25. The disclosure for this sale can be found here. Corporate insiders own 0.83% of the company’s stock.
3M (NYSE:MMM) last announced its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $0.09. The company had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. 3M’s revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.58 EPS. Sell-side analysts anticipate that 3M Co will post 9.09 earnings per share for the current year.
A number of research analysts have issued reports on the stock. Credit Suisse Group upped their target price on shares of 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. Wolfe Research set a $177.00 target price on shares of 3M and gave the company a “sell” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. upped their target price on shares of 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research report on Thursday, October 10th. Citigroup cut their target price on shares of 3M from $197.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada cut 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 report on Friday, October 25th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $174.08.
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.
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