Commerzbank Aktiengesellschaft FI raised its stake in shares of 3M Co (NYSE:MMM) by 9.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 666,361 shares of the conglomerate’s stock after purchasing an additional 54,824 shares during the period. 3M accounts for 1.2% of Commerzbank Aktiengesellschaft FI’s portfolio, making the stock its 14th largest position. Commerzbank Aktiengesellschaft FI owned about 0.12% of 3M worth $117,559,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Private Vista LLC boosted its stake in shares of 3M by 5.1% in the third quarter. Private Vista LLC now owns 1,227 shares of the conglomerate’s stock valued at $202,000 after purchasing an additional 60 shares during the period. Boston Advisors LLC raised its holdings in shares of 3M by 0.7% during the third quarter. Boston Advisors LLC now owns 9,250 shares of the conglomerate’s stock worth $1,521,000 after purchasing an additional 60 shares during the period. West Coast Financial LLC raised its holdings in shares of 3M by 0.3% during the third quarter. West Coast Financial LLC now owns 19,416 shares of the conglomerate’s stock worth $3,192,000 after purchasing an additional 64 shares during the period. KLCM Advisors Inc. raised its holdings in shares of 3M by 3.1% during the third quarter. KLCM Advisors Inc. now owns 2,145 shares of the conglomerate’s stock worth $353,000 after purchasing an additional 64 shares during the period. Finally, Advisors Management Group Inc. ADV raised its holdings in shares of 3M by 2.4% during the second quarter. Advisors Management Group Inc. ADV now owns 2,776 shares of the conglomerate’s stock worth $481,000 after purchasing an additional 65 shares during the period. 66.53% of the stock is owned by hedge funds and other institutional investors.
MMM has been the topic of a number of analyst reports. UBS Group cut shares of 3M from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $180.00 to $160.00 in a report on Thursday, December 12th. Royal Bank of Canada dropped their price objective on shares of 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Deutsche Bank increased their price objective on shares of 3M from $160.00 to $176.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Morgan Stanley dropped their price objective on shares of 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a report on Friday, September 27th. Finally, Wolfe Research raised shares of 3M from an “underperform” rating to a “peer perform” rating in a report on Thursday, January 9th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. 3M presently has an average rating of “Hold” and a consensus target price of $174.08.
MMM stock opened at $181.35 on Friday. The company has a quick ratio of 1.79, a current ratio of 2.30 and a debt-to-equity ratio of 1.68. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75. The firm’s 50-day simple moving average is $174.56 and its 200 day simple moving average is $168.55. The stock has a market cap of $104.29 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 1.99 and a beta of 1.10.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.49 by $0.09. 3M had a net margin of 15.48% and a return on equity of 54.02%. The business had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter last year, the company earned $2.58 EPS. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. Equities analysts forecast that 3M Co will post 9.04 EPS for the current fiscal year.
In related news, EVP Julie L. Bushman sold 6,879 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $165.09, for a total value of $1,135,654.11. Also, SVP Ty R. Silberhorn sold 1,634 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $170.72, for a total transaction of $278,956.48. The disclosure for this sale can be found here. Insiders sold a total of 13,216 shares of company stock valued at $2,233,940 in the last quarter. 0.83% of the stock is currently owned by insiders.
3M 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.
