Addenda Capital Inc. lowered its stake in shares of 3M Co (NYSE:MMM) by 21.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,471 shares of the conglomerate’s stock after selling 2,592 shares during the period. Addenda Capital Inc.’s holdings in 3M were worth $1,996,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. Rainier Group Investment Advisory LLC bought a new stake in 3M in the 1st quarter valued at $114,000. SRS Capital Advisors Inc. raised its stake in 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 acquiring an additional 595 shares during the period. Avestar Capital LLC raised its stake in 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 acquiring an additional 432 shares during the period. Braun Bostich & Associates Inc. raised its stake in 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 acquiring an additional 481 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in 3M in the 2nd quarter valued at $149,000. Institutional investors own 67.66% of the company’s stock.
MMM has been the topic of a number of research analyst reports. ValuEngine upgraded 3M from a “sell” rating to a “hold” rating in a research note on Saturday, July 14th. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research note on Sunday, July 15th. Royal Bank of Canada restated a “buy” rating and issued a $234.00 price target on shares of 3M in a research note on Wednesday, July 25th. Barclays dropped their price target on 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 25th. Finally, Morgan Stanley initiated coverage on 3M in a research note on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $225.23.
NYSE MMM traded down $2.97 on Friday, reaching $201.10. The stock had a trading volume of 2,429,271 shares, compared to its average volume of 3,107,940. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. 3M Co has a 1-year low of $181.98 and a 1-year high of $259.77. The firm has a market cap of $117.21 billion, a price-to-earnings ratio of 21.93, a P/E/G ratio of 1.98 and a beta of 1.18.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.41 billion. During the same period in the prior year, the company earned $2.33 earnings per share. The business’s quarterly revenue was down .2% compared to the same quarter last year. On average, equities analysts anticipate that 3M Co will post 10.02 earnings per share for the current fiscal year.
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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.
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