NewSquare Capital LLC Has $1.93 Million Stock Position in 3M Co (NYSE:MMM)

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NewSquare Capital LLC grew its stake in shares of 3M Co (NYSE:MMM) by 10,673.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,743 shares of the conglomerate’s stock after purchasing an additional 11,634 shares during the quarter. NewSquare Capital LLC’s holdings in 3M were worth $1,931,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MMM. Nuveen Asset Management LLC increased its holdings in shares of 3M by 1,337.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock worth $490,689,000 after acquiring an additional 2,633,848 shares during the last quarter. Thoroughbred Financial Services LLC increased its holdings in shares of 3M by 17,524.1% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,680,806 shares of the conglomerate’s stock worth $168,081,000 after acquiring an additional 1,671,269 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of 3M by 351.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 540,727 shares of the conglomerate’s stock worth $93,730,000 after acquiring an additional 755,727 shares during the last quarter. BlackRock Inc. increased its holdings in shares of 3M by 1.2% during the 2nd quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock worth $6,783,640,000 after acquiring an additional 472,084 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of 3M by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock worth $8,613,040,000 after acquiring an additional 407,636 shares during the last quarter. 66.78% of the stock is currently owned by institutional investors and hedge funds.

NYSE MMM traded up $2.47 on Tuesday, reaching $162.98. The stock had a trading volume of 3,082,061 shares, compared to its average volume of 2,882,862. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The firm has a fifty day moving average of $161.82 and a two-hundred day moving average of $174.94. 3M Co has a 1-year low of $150.58 and a 1-year high of $219.75. The company has a market cap of $90.95 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11.

3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the firm posted $2.59 EPS. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. Research analysts predict that 3M Co will post 9.32 EPS for the current fiscal year.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.83% of the company’s stock.

A number of research firms recently weighed in on MMM. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating and set a $166.00 target price on the stock. in a report on Monday. UBS Group decreased their target price on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Credit Suisse Group boosted their target price on 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Royal Bank of Canada set a $179.00 target price on 3M and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Morgan Stanley decreased their target price on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. 3M has an average rating of “Hold” and an average target price of $179.54.

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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