Convergence Investment Partners LLC Acquires New Stake in 3M Co (NYSE:MMM)

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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.

3M (NYSE:MMM) last released its earnings results on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.01. The company had revenue of $7.18 billion for the quarter, compared to the consensus estimate of $7.29 billion. 3M had a return on equity of 46.86% and a net margin of 16.38%. 3M’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.20 earnings per share. On average, equities research analysts anticipate that 3M Co will post 8.15 earnings per share for the current fiscal year.

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

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