3M Co (MMM) Stake Lessened by Fayerweather Charles

Fayerweather Charles trimmed its holdings in shares of 3M Co (NYSE:MMM) by 8.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,717 shares of the conglomerate’s stock after selling 1,023 shares during the quarter. 3M accounts for approximately 3.8% of Fayerweather Charles’ holdings, making the stock its 8th biggest holding. Fayerweather Charles’ holdings in 3M were worth $2,467,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Rainier Group Investment Advisory LLC purchased a new stake in 3M in the 1st quarter worth about $114,000. SRS Capital Advisors Inc. raised its position in 3M by 1,652.8% in the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after purchasing an additional 595 shares during the period. Avestar Capital LLC raised its position in 3M by 161.2% in the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after purchasing an additional 432 shares during the period. Braun Bostich & Associates Inc. raised its position in 3M by 221.7% in the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 481 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in 3M in the 2nd quarter worth about $149,000. Hedge funds and other institutional investors own 66.98% of the company’s stock.

Shares of MMM stock opened at $202.93 on Thursday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.56. The stock has a market capitalization of $123.61 billion, a price-to-earnings ratio of 22.13, a P/E/G ratio of 2.02 and a beta of 1.15. 3M Co has a one year low of $190.57 and a one year high of $259.77.

3M (NYSE:MMM) last issued its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, topping the Zacks’ consensus estimate of $2.58 by $0.01. The business had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.36 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.58 EPS. On average, equities analysts forecast that 3M Co will post 10.28 EPS for the current fiscal year.

In other news, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the transaction, the insider now directly owns 5,634 shares in the company, valued at $1,216,944. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

A number of research firms recently weighed in on MMM. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. UBS Group increased their price objective on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Deutsche Bank increased their price objective on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research report on Friday, September 28th. Morgan Stanley began coverage on shares of 3M in a research report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price objective on the stock. Finally, Barclays reduced their price objective on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 25th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $233.79.

About 3M

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.

Further Reading: Risk Tolerance and Your Investment Decisions

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

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply