JustInvest LLC Grows Position in 3M (NYSE:MMM)


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JustInvest LLC increased its position in shares of 3M (NYSE:MMM) by 120.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,355 shares of the conglomerate’s stock after purchasing an additional 6,201 shares during the quarter. JustInvest LLC’s holdings in 3M were worth $2,188,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Spearhead Capital Advisors LLC grew its position in 3M by 18.7% during the first quarter. Spearhead Capital Advisors LLC now owns 45,533 shares of the conglomerate’s stock valued at $8,773,000 after acquiring an additional 7,176 shares during the period. Park Avenue Securities LLC grew its position in 3M by 41.9% during the first quarter. Park Avenue Securities LLC now owns 5,955 shares of the conglomerate’s stock valued at $1,147,000 after acquiring an additional 1,759 shares during the period. JJJ Advisors Inc. grew its position in 3M by 15.3% during the first quarter. JJJ Advisors Inc. now owns 1,639 shares of the conglomerate’s stock valued at $316,000 after acquiring an additional 218 shares during the period. Sonora Investment Management LLC grew its position in 3M by 9.9% during the first quarter. Sonora Investment Management LLC now owns 34,901 shares of the conglomerate’s stock valued at $6,725,000 after acquiring an additional 3,153 shares during the period. Finally, James Hambro & Partners purchased a new stake in 3M during the first quarter valued at about $328,000. 64.68% of the stock is owned by institutional investors.

In related news, EVP Kristen M. Ludgate sold 933 shares of the stock in a transaction that occurred on Wednesday, April 21st. The stock was sold at an average price of $200.00, for a total value of $186,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Ivan K. Fong sold 12,059 shares of the stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $198.46, for a total value of $2,393,229.14. Following the completion of the transaction, the vice president now directly owns 47,872 shares of the company’s stock, valued at $9,500,677.12. The disclosure for this sale can be found here. Insiders have sold 13,042 shares of company stock valued at $2,588,687 over the last ninety days. Corporate insiders own 0.42% of the company’s stock.

A number of research analysts have commented on MMM shares. Morgan Stanley boosted their price objective on 3M from $188.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Monday, April 19th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $206.00 price target on the stock in a research note on Thursday, April 29th. Deutsche Bank Aktiengesellschaft boosted their price target on 3M from $192.00 to $199.00 and gave the stock a “hold” rating in a research note on Wednesday, April 28th. Royal Bank of Canada boosted their price target on 3M from $198.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, Citigroup boosted their price target on 3M from $185.00 to $188.00 in a research note on Wednesday, January 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $193.45.

Shares of NYSE:MMM traded up $0.04 during trading on Tuesday, hitting $198.65. 27,231 shares of the company traded hands, compared to its average volume of 2,705,453. The stock has a market capitalization of $115.15 billion, a price-to-earnings ratio of 23.28, a PEG ratio of 1.85 and a beta of 0.92. The business’s fifty day moving average is $195.03 and its 200-day moving average is $178.49. 3M has a one year low of $131.12 and a one year high of $203.15. The company has a quick ratio of 1.37, a current ratio of 1.90 and a debt-to-equity ratio of 1.54.

3M (NYSE:MMM) last posted its earnings results on Monday, April 26th. The conglomerate reported $2.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.48. The company had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.43 billion. 3M had a return on equity of 44.77% and a net margin of 15.65%. The business’s revenue was up 9.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.16 earnings per share. On average, analysts forecast that 3M will post 8.56 EPS for the current year.

3M Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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

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