Patriot Financial Group Insurance Agency LLC raised its stake in 3M Co (NYSE:MMM) by 127.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 832 shares of the conglomerate’s stock after purchasing an additional 467 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in 3M were worth $147,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the business. Covington Capital Management lifted its stake in 3M by 4.9% in the third quarter. Covington Capital Management now owns 63,504 shares of the conglomerate’s stock valued at $10,440,000 after acquiring an additional 2,970 shares during the last quarter. Allen Capital Group LLC lifted its stake in 3M by 20.4% in the 3rd quarter. Allen Capital Group LLC now owns 7,368 shares of the conglomerate’s stock valued at $1,112,000 after purchasing an additional 1,248 shares during the last quarter. Virtu Financial LLC lifted its stake in 3M by 257.9% in the 3rd quarter. Virtu Financial LLC now owns 33,454 shares of the conglomerate’s stock valued at $5,500,000 after purchasing an additional 24,106 shares during the last quarter. Clean Yield Group grew its holdings in 3M by 11.6% during the third quarter. Clean Yield Group now owns 21,386 shares of the conglomerate’s stock worth $3,516,000 after purchasing an additional 2,230 shares during the period. Finally, Krueger & Catalano Capital Partners LLC grew its holdings in 3M by 20.3% during the third quarter. Krueger & Catalano Capital Partners LLC now owns 1,556 shares of the conglomerate’s stock worth $256,000 after purchasing an additional 263 shares during the period. 66.49% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MMM opened at $178.19 on Friday. The firm has a market cap of $102.38 billion, a P/E ratio of 21.16, a price-to-earnings-growth ratio of 1.95 and a beta of 1.10. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.79 and a current ratio of 2.30. 3M Co has a 52 week low of $150.58 and a 52 week high of $219.75. The firm’s 50-day simple moving average is $175.92 and its 200 day simple moving average is $168.73.
In other news, SVP Eric D. Hammes sold 1,341 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total transaction of $233,669.25. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Ty R. Silberhorn sold 1,634 shares of 3M stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $170.72, for a total value of $278,956.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,216 shares of company stock valued at $2,233,940. Corporate insiders own 0.83% of the company’s stock.
Several analysts have issued reports on MMM shares. Morgan Stanley dropped their price objective on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. UBS Group downgraded 3M from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $180.00 to $160.00 in a research note on Thursday, December 12th. Deutsche Bank lifted their target price on 3M from $160.00 to $176.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. raised 3M from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $143.00 to $150.00 in a report on Monday, December 23rd. Finally, Barclays dropped their price target on 3M from $162.00 to $158.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $174.08.
3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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