Panagora Asset Management Inc. lowered its position in shares of 3M Co. (NYSE:MMM) by 22.4% during the first quarter, according to its most recent filing with the SEC. The fund owned 247,406 shares of the company’s stock after selling 71,466 shares during the period. Panagora Asset Management Inc.’s holdings in 3M were worth $41,225,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in MMM. Stonebridge Capital Advisors LLC boosted its stake in 3M by 10.7% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 7,563 shares of the company’s stock worth $1,139,000 after buying an additional 731 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in 3M by 84.6% in the fourth quarter. State of Alaska Department of Revenue now owns 37,945 shares of the company’s stock worth $5,716,000 after buying an additional 17,390 shares in the last quarter. Geneva Advisors LLC boosted its stake in 3M by 4.5% in the fourth quarter. Geneva Advisors LLC now owns 23,565 shares of the company’s stock worth $3,550,000 after buying an additional 1,012 shares in the last quarter. Toron Capital Markets Inc. boosted its stake in 3M by 4.2% in the fourth quarter. Toron Capital Markets Inc. now owns 91,676 shares of the company’s stock worth $13,810,000 after buying an additional 3,717 shares in the last quarter. Finally, IFC Holdings Incorporated FL boosted its stake in 3M by 2.9% in the fourth quarter. IFC Holdings Incorporated FL now owns 7,926 shares of the company’s stock worth $1,196,000 after buying an additional 227 shares in the last quarter.
3M Co. (NYSE:MMM) traded down 0.16% during trading on Thursday, reaching $177.98. The company’s stock had a trading volume of 1,796,129 shares. The company’s 50 day moving average price is $174.54 and its 200-day moving average price is $164.21. 3M Co. has a 1-year low of $134.00 and a 1-year high of $182.27. The stock has a market cap of $107.57 billion and a P/E ratio of 22.72.
A number of analysts have recently issued reports on the company. Jefferies Group boosted their price objective on 3M from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. Credit Suisse Group AG restated an “outperform” rating and set a $186.00 price objective (up from $178.00) on shares of 3M in a research report on Thursday. Citigroup Inc. restated a “buy” rating and set a $191.00 price objective (up from $168.00) on shares of 3M in a research report on Tuesday, April 19th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Morgan Stanley restated a “sell” rating on shares of 3M in a research report on Friday, June 10th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. 3M presently has a consensus rating of “Hold” and an average price target of $163.32.
In other 3M news, CEO Inge G. Thulin sold 13,947 shares of 3M stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $169.93, for a total value of $2,370,013.71. Following the completion of the transaction, the chief executive officer now directly owns 196,183 shares of the company’s stock, valued at approximately $33,337,377.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Nicholas C. Gangestad sold 2,612 shares of 3M stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $166.52, for a total value of $434,950.24. Following the completion of the transaction, the chief financial officer now directly owns 20,240 shares of the company’s stock, valued at $3,370,364.80. The disclosure for this sale can be found here.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
