Chartwell Investment Partners LLC Raises Stock Position in 3M Co (NYSE:MMM)

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Chartwell Investment Partners LLC lifted its holdings in shares of 3M Co (NYSE:MMM) by 6.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,277 shares of the conglomerate’s stock after purchasing an additional 1,531 shares during the quarter. Chartwell Investment Partners LLC’s holdings in 3M were worth $3,787,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of MMM. Tsfg LLC raised its position in 3M by 52.7% in the 1st quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock valued at $27,000 after purchasing an additional 69 shares in the last quarter. PARK CIRCLE Co acquired a new stake in 3M in the first quarter valued at approximately $27,000. Cascade Investment Advisors Inc. purchased a new position in 3M in the first quarter worth approximately $28,000. Stonebridge Financial Planning Group LLC grew its holdings in 3M by 211.3% during the 1st quarter. Stonebridge Financial Planning Group LLC now owns 221 shares of the conglomerate’s stock worth $33,000 after acquiring an additional 150 shares in the last quarter. Finally, Evolution Wealth Advisors LLC increased its position in shares of 3M by 41.1% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock valued at $39,000 after purchasing an additional 72 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

In other 3M news, SVP Ty R. Silberhorn sold 14,623 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the completion of the transaction, the senior vice president now owns 16,571 shares in the company, valued at approximately $2,426,988.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael G. Vale sold 14,062 shares of 3M stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $148.34, for a total transaction of $2,085,957.08. Following the completion of the sale, the executive vice president now directly owns 46,900 shares in the company, valued at approximately $6,957,146. The disclosure for this sale can be found here. Insiders have sold a total of 32,290 shares of company stock valued at $4,757,036 over the last ninety days. 0.42% of the stock is owned by insiders.

Shares of NYSE:MMM opened at $150.47 on Friday. 3M Co has a 1-year low of $114.04 and a 1-year high of $182.54. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.94 and a quick ratio of 1.19. The stock has a market cap of $86.67 billion, a P/E ratio of 17.06, a P/E/G ratio of 1.94 and a beta of 0.99. The firm has a fifty day moving average price of $156.57 and a 200 day moving average price of $153.55.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 28th. The conglomerate reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.01. 3M had a net margin of 16.38% and a return on equity of 46.86%. The business had revenue of $7.18 billion during the quarter, compared to analysts’ expectations of $7.29 billion. During the same period in the prior year, the company earned $2.20 earnings per share. The business’s revenue was down 12.2% compared to the same quarter last year. Sell-side analysts expect that 3M Co will post 8.17 EPS for the current fiscal year.

A number of equities analysts recently commented on the stock. Bank of America boosted their target price on shares of 3M from $165.00 to $170.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Royal Bank of Canada upped their price objective on 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Morgan Stanley raised their target price on 3M from $160.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Langenberg & Company raised 3M to a “buy” rating and set a $180.00 price target for the company in a report on Thursday, April 9th. Finally, Credit Suisse Group cut their price objective on shares of 3M from $180.00 to $179.00 and set an “outperform” rating on the stock in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $164.15.

3M Company 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.

See Also: Do investors pay a separate front-end load every time they buy additional shares?

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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