Northwest Quadrant Wealth Management LLC purchased a new stake in shares of 3M Co (NYSE:MMM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,463 shares of the conglomerate’s stock, valued at approximately $299,000.
Several other hedge funds have also added to or reduced their stakes in MMM. B. Riley Wealth Management Inc. acquired a new stake in 3M in the third quarter worth $446,000. Neuberger Berman Group LLC grew its holdings in shares of 3M by 5.1% during the third quarter. Neuberger Berman Group LLC now owns 1,899,813 shares of the conglomerate’s stock valued at $400,289,000 after buying an additional 91,831 shares during the last quarter. Kentucky Retirement Systems acquired a new position in shares of 3M during the third quarter valued at about $7,406,000. Banco de Sabadell S.A grew its holdings in shares of 3M by 7.2% during the third quarter. Banco de Sabadell S.A now owns 8,982 shares of the conglomerate’s stock valued at $1,890,000 after buying an additional 602 shares during the last quarter. Finally, Bridges Investment Management Inc. grew its holdings in shares of 3M by 0.9% during the third quarter. Bridges Investment Management Inc. now owns 41,509 shares of the conglomerate’s stock valued at $8,747,000 after buying an additional 359 shares during the last quarter. 66.17% of the stock is owned by hedge funds and other institutional investors.
Shares of 3M stock traded down $1.39 during trading on Friday, reaching $192.21. The company’s stock had a trading volume of 2,357,725 shares, compared to its average volume of 2,491,366. 3M Co has a 52-week low of $176.87 and a 52-week high of $259.77. The stock has a market capitalization of $111.97 billion, a price-to-earnings ratio of 20.96, a price-to-earnings-growth ratio of 1.75 and a beta of 1.14. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The business had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same period last year, the company posted $2.33 EPS. 3M’s revenue for the quarter was down .2% on a year-over-year basis. On average, equities research analysts forecast that 3M Co will post 9.95 earnings per share for the current fiscal year.
3M declared that its Board of Directors has approved a stock buyback program on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the conglomerate to purchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
In other news, Director Gregory R. Page purchased 1,000 shares of the stock in a transaction that occurred on Friday, October 26th. The stock was bought at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $276,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.72% of the company’s stock.
MMM has been the topic of several research reports. Barclays lowered their price objective on shares of 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 24th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Gordon Haskett started coverage on shares of 3M in a research report on Friday, October 12th. They issued a “buy” rating on the stock. Deutsche Bank set a $206.00 price objective on shares of 3M and gave the company a “hold” rating in a research note on Wednesday, October 24th. Finally, Credit Suisse Group reduced their price objective on shares of 3M from $228.00 to $222.00 and set an “outperform” rating for the company in a research note on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $224.30.
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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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