Whitnell & Co. Acquires 2,701 Shares of 3M Co (NYSE:MMM)

Whitnell & Co. increased its holdings in shares of 3M Co (NYSE:MMM) by 42.1% in the third quarter, Holdings Channel.com reports. The fund owned 9,119 shares of the conglomerate’s stock after buying an additional 2,701 shares during the quarter. Whitnell & Co.’s holdings in 3M were worth $1,499,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Kempen Capital Management N.V. bought a new stake in shares of 3M during the 2nd quarter worth approximately $25,000. 1 North Wealth Services LLC bought a new stake in shares of 3M during the 3rd quarter worth approximately $26,000. Atwater Malick LLC bought a new stake in shares of 3M during the 3rd quarter worth approximately $30,000. Arcus Capital Partners LLC bought a new stake in shares of 3M during the 2nd quarter worth approximately $35,000. Finally, Bridger Capital Management LLC bought a new stake in shares of 3M during the 3rd quarter worth approximately $33,000. 66.69% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts recently issued reports on the company. Citigroup decreased their price target on 3M from $197.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. JPMorgan Chase & Co. lifted their target price on 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research report on Thursday, October 10th. Credit Suisse Group lifted their target price on 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. Royal Bank of Canada decreased their target price on 3M from $165.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Finally, Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating and set a $166.00 target price for the company. in a research report on Monday, October 14th. Five equities 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. The stock currently has an average rating of “Hold” and an average target price of $174.08.

NYSE MMM traded down $1.37 on Friday, reaching $173.15. 1,573,472 shares of the stock traded hands, compared to its average volume of 2,790,791. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.79 and a current ratio of 2.30. The company has a fifty day moving average price of $163.83 and a 200-day moving average price of $169.15. The company has a market cap of $100.79 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 2.03 and a beta of 1.10. 3M Co has a 12 month low of $150.58 and a 12 month high of $219.75.

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3M (NYSE:MMM) last issued its earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.49 by $0.09. The business had revenue of $7.99 billion during the quarter, compared to analyst estimates 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 previous year, the company posted $2.58 EPS. As a group, research analysts anticipate that 3M Co will post 9.09 earnings per share for the current fiscal year.

In other news, EVP Khandpur K. Ashish sold 3,362 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $174.20, for a total value of $585,660.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Eric D. Hammes sold 1,341 shares of the business’s stock in a transaction 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. Insiders own 0.83% of the company’s stock.

3M 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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