First Hawaiian Bank boosted its stake in shares of 3M Co (NYSE:MMM) by 184.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 8,289 shares of the conglomerate’s stock after purchasing an additional 5,370 shares during the quarter. First Hawaiian Bank’s holdings in 3M were worth $1,746,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of MMM. Rainier Group Investment Advisory LLC acquired a new position in shares of 3M in the 1st quarter valued at about $114,000. SRS Capital Advisors Inc. increased its holdings in shares of 3M by 1,652.8% in the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after purchasing an additional 595 shares during the period. Avestar Capital LLC increased its holdings in shares of 3M by 161.2% in the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after purchasing an additional 432 shares during the period. Braun Bostich & Associates Inc. increased its holdings in shares of 3M by 221.7% in the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after purchasing an additional 481 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of 3M in the 2nd quarter valued at about $149,000. Hedge funds and other institutional investors own 66.98% of the company’s stock.
MMM has been the topic of a number of research reports. ValuEngine downgraded 3M from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating in a report on Tuesday, June 26th. MED downgraded 3M from a “buy” rating to a “hold” rating and set a $208.00 target price on the stock. in a report on Thursday, July 12th. Deutsche Bank reiterated a “hold” rating and issued a $208.00 target price on shares of 3M in a report on Thursday, July 12th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $234.00 target price on shares of 3M in a report on Wednesday, July 25th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. 3M has a consensus rating of “Hold” and a consensus target price of $233.79.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.58 by $0.01. The business had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.58 EPS. As a group, equities analysts forecast that 3M Co will post 10.28 earnings per share for the current year.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.
3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
Read More: Intrinsic Value and Stock Selection
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