Chartwell Investment Partners LLC raised its stake in 3M Co (NYSE:MMM) by 6.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 24,277 shares of the conglomerate’s stock after purchasing an additional 1,531 shares during the period. Chartwell Investment Partners LLC’s holdings in 3M were worth $3,787,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Advisor Group Holdings Inc. acquired a new stake in 3M during the first quarter valued at approximately $36,671,000. Flossbach Von Storch AG lifted its stake in 3M by 33.4% during the first quarter. Flossbach Von Storch AG now owns 7,767,020 shares of the conglomerate’s stock worth $1,060,276,000 after purchasing an additional 1,944,377 shares during the last quarter. Morgan Stanley boosted its holdings in 3M by 28.0% in the first quarter. Morgan Stanley now owns 3,550,257 shares of the conglomerate’s stock worth $484,645,000 after purchasing an additional 777,513 shares during the period. First Trust Advisors LP increased its stake in 3M by 170.7% during the second quarter. First Trust Advisors LP now owns 996,595 shares of the conglomerate’s stock valued at $155,459,000 after purchasing an additional 628,421 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in 3M by 875.7% during the first quarter. Mackenzie Financial Corp now owns 615,710 shares of the conglomerate’s stock valued at $84,051,000 after purchasing an additional 552,603 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.
In other news, EVP Khandpur K. Ashish sold 3,605 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $146.85, for a total value of $529,394.25. Following the completion of the sale, the executive vice president now owns 19,193 shares in the company, valued at $2,818,492.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Ty R. Silberhorn sold 14,623 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $146.46, for a total value of $2,141,684.58. Following the transaction, the senior vice president now directly owns 16,571 shares of the company’s stock, valued at approximately $2,426,988.66. The disclosure for this sale can be found here. Insiders sold 32,290 shares of company stock valued at $4,757,036 over the last quarter. Insiders own 0.42% of the company’s stock.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.01. The business had revenue of $7.18 billion during the quarter, compared to the consensus estimate of $7.29 billion. 3M had a net margin of 16.38% and a return on equity of 46.86%. The company’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.20 earnings per share. On average, equities research analysts predict that 3M Co will post 8.17 EPS for the current year.
A number of brokerages recently weighed in on MMM. Deutsche Bank boosted their price objective on shares of 3M from $158.00 to $163.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. Morgan Stanley upped their target price on 3M from $160.00 to $166.00 and gave the company an “equal weight” rating in a report on Wednesday. Langenberg & Company raised 3M to a “buy” rating and set a $180.00 price target on the stock in a report on Thursday, April 9th. Barclays boosted their price objective on 3M from $156.00 to $157.00 and gave the company an “underweight” rating in a research report on Wednesday. Finally, Citigroup increased their target price on 3M from $146.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $164.15.
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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