DAVENPORT & Co LLC Buys 65,113 Shares of 3M (NYSE:MMM)

DAVENPORT & Co LLC lifted its stake in 3M (NYSE:MMM) by 16.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 452,932 shares of the conglomerate’s stock after buying an additional 65,113 shares during the period. DAVENPORT & Co LLC’s holdings in 3M were worth $72,551,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its stake in shares of 3M by 14.6% in the second quarter. Bank of New York Mellon Corp now owns 7,146,801 shares of the conglomerate’s stock valued at $1,114,829,000 after buying an additional 910,485 shares during the period. Charles Schwab Investment Management Inc. increased its stake in 3M by 8.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,000,716 shares of the conglomerate’s stock valued at $1,092,042,000 after buying an additional 554,002 shares during the last quarter. Fisher Asset Management LLC increased its stake in 3M by 9,250.5% in the 2nd quarter. Fisher Asset Management LLC now owns 4,429,230 shares of the conglomerate’s stock valued at $690,916,000 after buying an additional 4,381,861 shares during the last quarter. Morgan Stanley increased its stake in shares of 3M by 28.0% during the 1st quarter. Morgan Stanley now owns 3,550,257 shares of the conglomerate’s stock worth $484,645,000 after purchasing an additional 777,513 shares during the last quarter. Finally, FMR LLC increased its stake in shares of 3M by 28.4% during the 2nd quarter. FMR LLC now owns 2,983,238 shares of the conglomerate’s stock worth $465,355,000 after purchasing an additional 659,549 shares during the last quarter. Institutional investors and hedge funds own 64.57% of the company’s stock.

Shares of 3M stock traded up $1.89 on Friday, reaching $170.97. 2,478,787 shares of the stock were exchanged, compared to its average volume of 3,569,208. The firm’s 50 day moving average is $164.90 and its 200-day moving average is $155.83. 3M has a one year low of $114.04 and a one year high of $182.54. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.36 and a current ratio of 1.94. The firm has a market cap of $98.48 billion, a PE ratio of 19.38, a P/E/G ratio of 2.14 and a beta of 0.97.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.01. The company had revenue of $7.18 billion during the quarter, compared to the consensus estimate of $7.29 billion. 3M had a net margin of 16.38% and a return on equity of 46.86%. The firm’s quarterly revenue was down 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.20 EPS. On average, equities research analysts expect that 3M will post 8.37 EPS for the current fiscal year.

In other 3M news, SVP John Patrick Banovetz sold 2,228 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $164.81, for a total value of $367,196.68. Following the completion of the transaction, the senior vice president now directly owns 10,506 shares in the company, valued at approximately $1,731,493.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.42% of the stock is owned by corporate insiders.

Several research analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of 3M from $166.00 to $173.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Royal Bank of Canada boosted their price objective on shares of 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price objective on shares of 3M from $159.00 to $170.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 7th. Barclays lifted their target price on shares of 3M from $156.00 to $157.00 and gave the stock an “underweight” rating in a report on Wednesday, July 29th. Finally, Gordon Haskett raised shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 target price for the company in a report on Wednesday, October 7th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $167.79.

About 3M

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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