Trade Report: The Rehmann Capital Advisory Group Acquires 1,421 Shares of 3M Co. (MMM)

The Rehmann Capital Advisory Group Acquires 1,421 Shares of 3M Co. (MMM)

Rehmann Capital Advisory Group increased its position in shares of 3M Co. (NYSE:MMM) by 30.2% during the second quarter, Holdings Channel reports. The firm owned 6,128 shares of the company’s stock after buying an additional 1,421 shares during the period. Rehmann Capital Advisory Group’s holdings in 3M were worth $1,073,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. CenturyLink Investment Management Co acquired a new position in 3M during the second quarter worth approximately $116,000. Parasol Investment Management LLC boosted its stake in shares of 3M by 12.6% in the second quarter. Parasol Investment Management LLC now owns 896 shares of the company’s stock worth $157,000 after buying an additional 100 shares during the period. Clarius Group LLC purchased a new stake in shares of 3M during the first quarter worth about $202,000. Independence Advisors LLC purchased a new stake in shares of 3M during the second quarter worth about $203,000. Finally, 10 15 Associates Inc. purchased a new stake in shares of 3M during the first quarter worth about $204,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

3M Co. (NYSE:MMM) traded up 0.18% on Thursday, reaching $170.02. 1,919,715 shares of the company traded hands. The firm has a 50 day moving average of $176.62 and a 200-day moving average of $173.27. The stock has a market capitalization of $102.76 billion, a PE ratio of 21.70 and a beta of 0.99. 3M Co. has a one year low of $134.64 and a one year high of $182.27.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The business earned $7.70 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the prior year, the business posted $2.02 earnings per share. 3M’s revenue was down .3% compared to the same quarter last year. On average, analysts anticipate that 3M Co. will post $8.21 EPS for the current year.

A number of equities research analysts recently issued reports on MMM shares. Jefferies Group increased their target price on shares of 3M from $190.00 to $210.00 and gave the stock a “buy” rating in a research report on Tuesday, July 19th. Credit Suisse Group AG reiterated a “buy” rating on shares of 3M in a research report on Sunday, July 10th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, October 5th. Deutsche Bank AG reiterated a “hold” rating and set a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $167.11.

In other news, insider James L. Bauman sold 9,066 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $178.42, for a total value of $1,617,555.72. Following the completion of the transaction, the insider now owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul A. Keel sold 3,180 shares of the stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $567,280.20. Following the completion of the transaction, the insider now directly owns 9,961 shares of the company’s stock, valued at approximately $1,776,942.79. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.

About 3M

3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.

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