Blue Chip Partners Inc. Increases Stock Position in 3M (NYSE:MMM)

Blue Chip Partners Inc. increased its stake in shares of 3M (NYSE:MMM) by 8.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,384 shares of the conglomerate’s stock after buying an additional 108 shares during the quarter. Blue Chip Partners Inc.’s holdings in 3M were worth $222,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Thompson Investment Management Inc. raised its holdings in shares of 3M by 0.7% in the second quarter. Thompson Investment Management Inc. now owns 9,270 shares of the conglomerate’s stock worth $1,446,000 after acquiring an additional 63 shares during the last quarter. Grandfield & Dodd LLC increased its stake in 3M by 0.6% in the second quarter. Grandfield & Dodd LLC now owns 11,122 shares of the conglomerate’s stock valued at $1,730,000 after purchasing an additional 63 shares during the last quarter. Belpointe Asset Management LLC lifted its holdings in shares of 3M by 0.6% during the 2nd quarter. Belpointe Asset Management LLC now owns 11,245 shares of the conglomerate’s stock worth $1,754,000 after acquiring an additional 65 shares during the period. Granite Investment Advisors LLC grew its stake in shares of 3M by 1.7% during the 2nd quarter. Granite Investment Advisors LLC now owns 3,996 shares of the conglomerate’s stock valued at $623,000 after buying an additional 65 shares during the period. Finally, Campbell Newman Asset Management Inc. increased its stake in 3M by 2.8% during the second quarter. Campbell Newman Asset Management Inc. now owns 2,365 shares of the conglomerate’s stock worth $369,000 after acquiring an additional 65 shares during the last quarter. 64.57% of the stock is currently owned by hedge funds and other institutional investors.

In related news, SVP John Patrick Banovetz sold 2,228 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was 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 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 accessible through this link. Insiders own 0.42% of the company’s stock.

Shares of MMM opened at $159.19 on Friday. The firm has a fifty day moving average of $165.64 and a 200-day moving average of $157.86. The company has a market cap of $91.29 billion, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 2.13 and a beta of 0.97. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.36 and a current ratio of 1.94. 3M has a 1 year low of $114.04 and a 1 year high of $182.54.

3M (NYSE:MMM) last posted its earnings results on Sunday, November 1st. The conglomerate reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.17. 3M had a net margin of 16.38% and a return on equity of 46.86%. The firm had revenue of $8.35 billion during the quarter, compared to analyst estimates of $8.38 billion. During the same period in the previous year, the business posted $2.58 EPS. 3M’s revenue was up 4.5% on a year-over-year basis. Analysts predict that 3M will post 8.37 EPS for the current year.

Several analysts have recently weighed in on the company. Credit Suisse Group raised their target price on 3M from $179.00 to $197.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. William Blair reiterated a “market perform” rating on shares of 3M in a research note on Tuesday. JPMorgan Chase & Co. boosted their target price on shares of 3M from $159.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 7th. TheStreet raised shares of 3M from a “c+” rating to a “b” rating in a research report on Tuesday. Finally, Royal Bank of Canada lifted their price target on 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $167.31.

3M Company 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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