Harvey Investment Co. LLC cut its holdings in 3M Company (NYSE:MMM) by 1.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,742 shares of the conglomerate’s stock after selling 1,398 shares during the period. 3M comprises about 4.6% of Harvey Investment Co. LLC’s holdings, making the stock its 5th largest position. Harvey Investment Co. LLC’s holdings in 3M were worth $23,245,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in MMM. MPS Loria Financial Planners LLC purchased a new stake in shares of 3M in the 2nd quarter worth about $124,000. Proficio Capital Partners LLC boosted its position in shares of 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after buying an additional 404 shares in the last quarter. Jackson Grant Investment Advisers Inc. boosted its position in shares of 3M by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after buying an additional 4 shares in the last quarter. Harfst & Associates Inc. boosted its position in shares of 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after buying an additional 100 shares in the last quarter. Finally, One Capital Management LLC purchased a new stake in shares of 3M in the 1st quarter worth about $202,000. Institutional investors and hedge funds own 66.18% of the company’s stock.
Shares of 3M Company (NYSE MMM) traded up 0.95% on Friday, hitting $221.32. 1,647,163 shares of the stock traded hands. 3M Company has a one year low of $163.85 and a one year high of $221.32. The company’s 50 day moving average is $212.01 and its 200 day moving average is $204.96. The stock has a market cap of $132.08 billion, a price-to-earnings ratio of 25.24 and a beta of 1.09.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). The company had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business posted $2.08 EPS. On average, equities analysts forecast that 3M Company will post $8.96 EPS for the current year.
In other news, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the sale, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at $633,619.56. The disclosure for this sale can be found here. Insiders have sold a total of 9,112 shares of company stock valued at $1,878,890 over the last 90 days. Corporate insiders own 0.58% of the company’s stock.
A number of research analysts have issued reports on the stock. BidaskClub lowered shares of 3M from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Morgan Stanley restated an “underweight” rating and issued a $191.00 target price (down from $193.00) on shares of 3M in a report on Monday, July 10th. Stifel Nicolaus restated a “hold” rating and issued a $202.00 target price on shares of 3M in a report on Wednesday, July 19th. William Blair restated an “outperform” rating on shares of 3M in a report on Wednesday, July 26th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $209.00 target price (down from $210.00) on shares of 3M in a report on Wednesday, July 26th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $209.77.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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