Spearhead Capital Advisors LLC Grows Stock Holdings in 3M (NYSE:MMM)

Spearhead Capital Advisors LLC boosted its stake in 3M (NYSE:MMM) by 18.7% in the first quarter, Holdings Channel.com reports. The fund owned 45,533 shares of the conglomerate’s stock after buying an additional 7,176 shares during the quarter. 3M comprises about 1.3% of Spearhead Capital Advisors LLC’s portfolio, making the stock its 27th largest holding. Spearhead Capital Advisors LLC’s holdings in 3M were worth $8,773,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MMM. IHT Wealth Management LLC increased its stake in shares of 3M by 22.8% during the third quarter. IHT Wealth Management LLC now owns 3,939 shares of the conglomerate’s stock worth $631,000 after acquiring an additional 732 shares during the period. Kathmere Capital Management LLC acquired a new position in 3M during the 3rd quarter valued at about $137,000. Brinker Capital Investments LLC acquired a new position in shares of 3M in the 3rd quarter worth approximately $546,000. Rockland Trust Co. boosted its position in shares of 3M by 3.8% in the fourth quarter. Rockland Trust Co. now owns 93,353 shares of the conglomerate’s stock worth $16,318,000 after buying an additional 3,400 shares during the period. Finally, Thomasville National Bank raised its holdings in 3M by 2.4% during the fourth quarter. Thomasville National Bank now owns 9,367 shares of the conglomerate’s stock valued at $1,637,000 after buying an additional 217 shares in the last quarter. 64.68% of the stock is owned by hedge funds and other institutional investors.

MMM has been the topic of several recent analyst reports. Bank of America downgraded 3M from a “neutral” rating to an “underperform” rating and set a $170.00 target price on the stock. in a report on Thursday, January 7th. Royal Bank of Canada boosted their price objective on shares of 3M from $198.00 to $200.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upped their target price on shares of 3M from $192.00 to $199.00 and gave the company a “hold” rating in a research report on Wednesday, April 28th. Morgan Stanley upped their target price on shares of 3M from $188.00 to $200.00 and gave the company an “equal weight” rating in a research report on Monday, April 19th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $206.00 target price for the company in a research report on Thursday, April 29th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $193.45.

In related news, EVP Kristen M. Ludgate sold 933 shares of the stock in a transaction on Wednesday, April 21st. The stock was sold at an average price of $200.00, for a total value of $186,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Ivan K. Fong sold 12,059 shares of the company’s stock in a transaction on Friday, April 30th. The shares were sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the completion of the transaction, the vice president now owns 47,872 shares in the company, valued at $9,500,677.12. The disclosure for this sale can be found here. In the last three months, insiders sold 13,042 shares of company stock valued at $2,588,687. 0.42% of the stock is currently owned by insiders.

NYSE MMM traded down $0.22 on Tuesday, reaching $198.39. The company had a trading volume of 18,460 shares, compared to its average volume of 2,705,453. The firm has a market capitalization of $115.00 billion, a price-to-earnings ratio of 23.28, a price-to-earnings-growth ratio of 1.85 and a beta of 0.92. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.37 and a current ratio of 1.90. 3M has a 1-year low of $131.12 and a 1-year high of $203.15. The company’s fifty day moving average is $195.03 and its 200-day moving average is $178.49.

3M (NYSE:MMM) last announced its earnings results on Monday, April 26th. The conglomerate reported $2.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.29 by $0.48. 3M had a net margin of 15.65% and a return on equity of 44.77%. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.43 billion. During the same period in the prior year, the business earned $2.16 EPS. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, research analysts forecast that 3M will post 8.56 earnings per share for the current year.

3M Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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

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