Manitou Investment Management Ltd. Boosts Stake in 3M Co (NYSE:MMM)

Manitou Investment Management Ltd. raised its position in 3M Co (NYSE:MMM) by 16.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 83,890 shares of the conglomerate’s stock after buying an additional 12,050 shares during the period. 3M makes up about 3.3% of Manitou Investment Management Ltd.’s holdings, making the stock its 14th biggest holding. Manitou Investment Management Ltd.’s holdings in 3M were worth $13,792,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of MMM. M. Kraus & Co lifted its position 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 purchasing an additional 179 shares during the last quarter. Edgestream Partners L.P. lifted its position 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 purchasing an additional 44,210 shares during the last quarter. Schafer Cullen Capital Management Inc lifted its position 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 purchasing an additional 124,665 shares during the last quarter. Hikari Power Ltd lifted its position 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 purchasing an additional 7,270 shares during the last quarter. Finally, First Trust Advisors LP lifted its position 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 purchasing an additional 94,863 shares during the last quarter. 66.69% of the stock is owned by institutional investors.

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

MMM traded down $1.37 on Friday, hitting $173.15. 1,573,472 shares of the company’s stock were exchanged, compared to its average volume of 2,790,791. The firm has a market cap of $100.79 billion, a PE ratio of 16.55, a P/E/G ratio of 2.03 and a beta of 1.10. 3M Co has a twelve month low of $150.58 and a twelve month high of $219.75. The stock has a fifty day moving average of $163.83 and a two-hundred day moving average of $169.15. The company has a current ratio of 2.30, a quick ratio of 1.79 and a debt-to-equity ratio of 1.68.

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

Several equities research analysts recently weighed in on MMM shares. Credit Suisse Group increased their price objective 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. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating and set a $166.00 price objective on the stock. in a research note on Monday, October 14th. Royal Bank of Canada dropped their price objective 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. JPMorgan Chase & Co. increased their price objective on shares of 3M from $140.00 to $143.00 and gave the stock an “underweight” rating in a research note on Thursday, October 10th. Finally, Wolfe Research set a $177.00 price objective on shares of 3M and gave the stock a “sell” rating in a research note on Friday, October 25th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and a consensus 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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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