Eastern Bank Trims Holdings in 3M Co (MMM)

Eastern Bank reduced its stake in 3M Co (NYSE:MMM) by 2.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,014 shares of the conglomerate’s stock after selling 305 shares during the period. Eastern Bank’s holdings in 3M were worth $2,532,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Ronna Sue Cohen increased its holdings in shares of 3M by 16.8% in the 3rd quarter. Ronna Sue Cohen now owns 12,615 shares of the conglomerate’s stock worth $2,658,000 after buying an additional 1,813 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of 3M by 4.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 248,033 shares of the conglomerate’s stock worth $52,260,000 after buying an additional 10,644 shares during the last quarter. Cue Financial Group Inc. grew its holdings in 3M by 8.3% during the 3rd quarter. Cue Financial Group Inc. now owns 4,368 shares of the conglomerate’s stock valued at $920,000 after purchasing an additional 335 shares during the last quarter. Raymond James Trust N.A. grew its holdings in 3M by 0.9% during the 3rd quarter. Raymond James Trust N.A. now owns 68,630 shares of the conglomerate’s stock valued at $14,461,000 after purchasing an additional 610 shares during the last quarter. Finally, McCollum Christoferson Group LLC grew its holdings in 3M by 1.6% during the 3rd quarter. McCollum Christoferson Group LLC now owns 32,060 shares of the conglomerate’s stock valued at $6,755,000 after purchasing an additional 520 shares during the last quarter. Institutional investors own 66.98% of the company’s stock.

Several brokerages recently commented on MMM. Morgan Stanley began coverage on shares of 3M in a report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target on the stock. MED downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $208.00 price target on the stock. in a report on Thursday, July 12th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Monday, September 3rd. Deutsche Bank reiterated a “hold” rating and set a $208.00 price target on shares of 3M in a report on Thursday, July 12th. Finally, UBS Group upped their price target on shares of 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, August 30th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $233.79.

3M stock opened at $200.38 on Friday. The stock has a market capitalization of $123.61 billion, a price-to-earnings ratio of 21.85, a P/E/G ratio of 2.02 and a beta of 1.15. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08. 3M Co has a 1 year low of $190.57 and a 1 year high of $259.77.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.01. The company had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.36 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.58 EPS. As a group, research analysts expect that 3M Co will post 10.28 earnings per share for the current fiscal year.

In other 3M news, insider Eric D. Hammes sold 1,272 shares of the business’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the sale, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jon T. Lindekugel sold 6,410 shares of the business’s stock in a transaction dated 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 insiders.

3M 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: How is the S&P 500 index different from the DJIA?

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