Advisors Capital Management LLC Acquires Shares of 976 3M Co (MMM)

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Advisors Capital Management LLC acquired a new stake in shares of 3M Co (NYSE:MMM) during the third quarter, Holdings Channel reports. The firm acquired 976 shares of the conglomerate’s stock, valued at approximately $206,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allianz Life Insurance Co of North America acquired a new position in 3M during the first quarter worth about $239,000. Holderness Investments Co. grew its holdings in 3M by 7.3% during the second quarter. Holderness Investments Co. now owns 4,350 shares of the conglomerate’s stock worth $856,000 after acquiring an additional 295 shares during the period. State Treasurer State of Michigan grew its holdings in 3M by 0.3% during the second quarter. State Treasurer State of Michigan now owns 175,776 shares of the conglomerate’s stock worth $34,579,000 after acquiring an additional 500 shares during the period. Boulegeris Investments Inc. grew its holdings in 3M by 28.8% during the second quarter. Boulegeris Investments Inc. now owns 6,526 shares of the conglomerate’s stock worth $1,284,000 after acquiring an additional 1,461 shares during the period. Finally, Burney Co. grew its holdings in 3M by 7.5% during the second quarter. Burney Co. now owns 102,426 shares of the conglomerate’s stock worth $20,149,000 after acquiring an additional 7,105 shares during the period. Institutional investors and hedge funds own 66.98% of the company’s stock.

Shares of MMM opened at $198.23 on Friday. The stock has a market capitalization of $123.61 billion, a P/E ratio of 21.60, a P/E/G ratio of 2.02 and a beta of 1.15. 3M Co has a 1-year low of $190.57 and a 1-year high of $259.77. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.56.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.58 by $0.01. The firm had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. 3M’s revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business posted $2.58 EPS. As a group, equities analysts forecast that 3M Co will post 10.28 EPS for the current year.

In other 3M news, insider Jon T. Lindekugel sold 6,410 shares of 3M stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $203.01, for a total transaction of $1,301,294.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the transaction, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

MMM has been the topic of a number of research analyst reports. Deutsche Bank lifted their target price on 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a report on Friday, September 28th. ValuEngine lowered 3M from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a report on Friday, October 5th. Barclays lowered their target price on 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a report on Wednesday, July 25th. Finally, UBS Group lifted their target price on 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a report on Thursday, August 30th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $233.79.

3M Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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