Mission Wealth Management LP increased its position in shares of 3M (NYSE:MMM) by 4.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,454 shares of the conglomerate’s stock after acquiring an additional 259 shares during the period. Mission Wealth Management LP’s holdings in 3M were worth $1,034,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. Evolution Wealth Advisors LLC increased its holdings in 3M by 41.1% during the 2nd quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock worth $39,000 after acquiring an additional 72 shares during the period. Blue Square Asset Management LLC bought a new stake in 3M during the 2nd quarter worth approximately $43,000. Weaver Consulting Group increased its holdings in 3M by 51.3% during the 2nd quarter. Weaver Consulting Group now owns 292 shares of the conglomerate’s stock worth $46,000 after acquiring an additional 99 shares during the period. Prestige Wealth Management Group LLC increased its holdings in 3M by 50.8% during the 1st quarter. Prestige Wealth Management Group LLC now owns 356 shares of the conglomerate’s stock worth $49,000 after acquiring an additional 120 shares during the period. Finally, Islay Capital Management LLC increased its holdings in 3M by 250.0% during the 2nd quarter. Islay Capital Management LLC now owns 350 shares of the conglomerate’s stock worth $55,000 after acquiring an additional 250 shares during the period. 64.57% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on MMM. Barclays increased their price target on shares of 3M from $156.00 to $157.00 and gave the stock an “underweight” rating in a report on Wednesday, July 29th. Credit Suisse Group increased their price target on shares of 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Gordon Haskett raised shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 price target on the stock in a report on Wednesday, October 7th. Royal Bank of Canada increased their price target on shares of 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. increased their price target on shares of 3M from $159.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, October 7th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $167.79.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.77 by $0.01. The company had revenue of $7.18 billion during the quarter, compared to analysts’ expectations of $7.29 billion. 3M had a net margin of 16.38% and a return on equity of 46.86%. The firm’s revenue was down 12.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.20 EPS. On average, equities research analysts forecast that 3M will post 8.37 earnings per share for the current fiscal year.
In other 3M news, SVP John Patrick Banovetz sold 2,228 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $164.81, for a total transaction of $367,196.68. Following the completion of the sale, the senior vice president now owns 10,506 shares of the company’s stock, valued at approximately $1,731,493.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.42% of the company’s stock.
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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