Cullinan Associates Inc. Sells 8,045 Shares of 3M Co (NYSE:MMM)

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Cullinan Associates Inc. decreased its position in shares of 3M Co (NYSE:MMM) by 12.9% in the 4th quarter, Holdings Channel reports. The fund owned 54,188 shares of the conglomerate’s stock after selling 8,045 shares during the quarter. Cullinan Associates Inc.’s holdings in 3M were worth $9,560,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. First Foundation Advisors grew its stake in shares of 3M by 54.2% during the 2nd quarter. First Foundation Advisors now owns 3,814 shares of the conglomerate’s stock worth $661,000 after acquiring an additional 1,341 shares during the period. Covington Capital Management grew its stake in shares of 3M by 4.9% during the 3rd quarter. Covington Capital Management now owns 63,504 shares of the conglomerate’s stock worth $10,440,000 after acquiring an additional 2,970 shares during the period. Allen Capital Group LLC grew its stake in shares of 3M by 20.4% during the 3rd quarter. Allen Capital Group LLC now owns 7,368 shares of the conglomerate’s stock worth $1,112,000 after acquiring an additional 1,248 shares during the period. Virtu Financial LLC grew its stake in shares of 3M by 257.9% during the 3rd quarter. Virtu Financial LLC now owns 33,454 shares of the conglomerate’s stock worth $5,500,000 after acquiring an additional 24,106 shares during the period. Finally, Clean Yield Group grew its stake in shares of 3M by 11.6% during the 3rd quarter. Clean Yield Group now owns 21,386 shares of the conglomerate’s stock worth $3,516,000 after acquiring an additional 2,230 shares during the period. Institutional investors own 66.53% of the company’s stock.

In other 3M news, SVP Ty R. Silberhorn sold 1,634 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $170.72, for a total value of $278,956.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Eric D. Hammes sold 1,341 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $174.25, for a total value of $233,669.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,216 shares of company stock worth $2,233,940. Insiders own 0.83% of the company’s stock.

A number of analysts recently issued reports on MMM shares. Citigroup cut 3M from a “buy” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a report on Monday, December 9th. Royal Bank of Canada dropped their price objective on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Barclays dropped their price objective on 3M from $162.00 to $158.00 and set an “underweight” rating on the stock in a report on Thursday, October 3rd. Deutsche Bank increased their price objective on 3M from $160.00 to $176.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Finally, Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $179.00 price objective on the stock in a report on Tuesday, December 10th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. 3M presently has a consensus rating of “Hold” and an average target price of $174.08.

Shares of MMM opened at $179.78 on Thursday. The stock’s 50-day simple moving average is $174.13 and its 200 day simple moving average is $168.47. The stock has a market capitalization of $104.30 billion, a price-to-earnings ratio of 17.19, a price-to-earnings-growth ratio of 1.99 and a beta of 1.10. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.79 and a current ratio of 2.30. 3M Co has a 52-week low of $150.58 and a 52-week high of $219.75.

3M (NYSE:MMM) last released its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.09. 3M had a return on equity of 54.02% and a net margin of 15.48%. The firm had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter last year, the firm posted $2.58 EPS. The company’s revenue was down 2.0% compared to the same quarter last year. On average, research analysts forecast that 3M Co will post 9.04 earnings per share for the current fiscal year.

About 3M

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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