Cornerstone Wealth Group LLC Raises Holdings in 3M Co (NYSE:MMM)

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Cornerstone Wealth Group LLC grew its position in 3M Co (NYSE:MMM) by 45.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,528 shares of the conglomerate’s stock after buying an additional 4,512 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in 3M were worth $2,388,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in 3M by 0.8% in the second quarter. Vanguard Group Inc. now owns 49,688,700 shares of the conglomerate’s stock valued at $8,613,040,000 after buying an additional 407,636 shares during the last quarter. BlackRock Inc. raised its stake in 3M by 1.2% in the second quarter. BlackRock Inc. now owns 39,134,895 shares of the conglomerate’s stock valued at $6,783,640,000 after buying an additional 472,084 shares during the last quarter. Bank of New York Mellon Corp raised its stake in 3M by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 5,349,242 shares of the conglomerate’s stock valued at $927,238,000 after buying an additional 72,266 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in 3M by 4.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 4,440,014 shares of the conglomerate’s stock valued at $769,633,000 after buying an additional 173,877 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its stake in 3M by 1,337.4% in the second quarter. Nuveen Asset Management LLC now owns 2,830,790 shares of the conglomerate’s stock valued at $490,689,000 after buying an additional 2,633,848 shares during the last quarter. Institutional investors and hedge funds own 66.69% of the company’s stock.

Shares of MMM stock opened at $173.15 on Friday. The stock’s 50-day simple moving average is $163.83 and its 200-day simple moving average is $169.15. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.79 and a current ratio of 2.30. The firm has a market capitalization of $100.79 billion, a PE ratio of 16.55, a P/E/G ratio of 2.03 and a beta of 1.10. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75.

3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.09. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. The company’s revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.58 earnings per share. Sell-side analysts forecast that 3M Co will post 9.09 earnings per share for the current year.

A number of equities research analysts have commented on the company. Royal Bank of Canada decreased their price target on 3M from $165.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, October 25th. Barclays decreased their price target on 3M from $158.00 to $157.00 and set an “underweight” rating for the company in a research note on Monday, October 28th. Wolfe Research set a $177.00 price target on 3M and gave the company a “sell” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. increased their price target on 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research note on Thursday, October 10th. Finally, Citigroup decreased their price target on 3M from $197.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $174.08.

In other news, SVP Eric D. Hammes sold 1,341 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total value of $233,669.25. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Khandpur K. Ashish sold 3,362 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $174.20, for a total value of $585,660.40. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by corporate insiders.

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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