Convergence Investment Partners LLC acquired a new stake in shares of 3M Co (NYSE:MMM) in the second quarter, HoldingsChannel reports. The institutional investor acquired 13,985 shares of the conglomerate’s stock, valued at approximately $2,181,000.
Other hedge funds also recently bought and sold shares of the company. Tsfg LLC increased its position in 3M by 52.7% during the 1st quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock valued at $27,000 after buying an additional 69 shares in the last quarter. PARK CIRCLE Co bought a new position in 3M during the 1st quarter valued at approximately $27,000. Cascade Investment Advisors Inc. bought a new position in 3M during the 1st quarter valued at approximately $28,000. Stonebridge Financial Planning Group LLC increased its position in 3M by 211.3% during the 1st quarter. Stonebridge Financial Planning Group LLC now owns 221 shares of the conglomerate’s stock valued at $33,000 after buying an additional 150 shares in the last quarter. Finally, Evolution Wealth Advisors LLC increased its position in 3M by 41.1% during the 2nd quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock valued at $39,000 after buying an additional 72 shares in the last quarter. 65.67% of the stock is owned by institutional investors.
Shares of MMM stock traded down $1.65 on Friday, reaching $150.47. The stock had a trading volume of 3,266,644 shares, compared to its average volume of 2,588,002. The stock has a market cap of $87.62 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 1.96 and a beta of 0.99. 3M Co has a 1 year low of $114.04 and a 1 year high of $182.54. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.19 and a current ratio of 1.94. The company has a 50 day simple moving average of $156.57 and a 200 day simple moving average of $153.55.
In related news, EVP Michael G. Vale sold 14,062 shares of 3M stock in a transaction on Friday, May 8th. The stock was sold at an average price of $148.34, for a total transaction of $2,085,957.08. Following the transaction, the executive vice president now directly owns 46,900 shares in the company, valued at $6,957,146. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Khandpur K. Ashish sold 3,605 shares of 3M stock in a transaction on Monday, May 4th. The shares were sold at an average price of $146.85, for a total value of $529,394.25. Following the transaction, the executive vice president now owns 19,193 shares in the company, valued at $2,818,492.05. The disclosure for this sale can be found here. Insiders have sold 32,290 shares of company stock worth $4,757,036 over the last quarter. 0.42% of the stock is owned by company insiders.
MMM has been the subject of a number of analyst reports. Deutsche Bank raised their price objective on 3M from $158.00 to $163.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. Barclays lifted their target price on 3M from $156.00 to $157.00 and gave the stock an “underweight” rating in a report on Wednesday. Royal Bank of Canada lifted their target price on 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday. Morgan Stanley lifted their target price on 3M from $160.00 to $166.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Credit Suisse Group reduced their target price on 3M from $180.00 to $179.00 and set an “outperform” rating for the company in a report on Wednesday. Three analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $164.15.
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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