Carnegie Capital Asset Management LLC lowered its position in 3M Co. (NYSE:MMM) by 5.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,088 shares of the company’s stock after selling 1,240 shares during the period. Carnegie Capital Asset Management LLC’s holdings in 3M were worth $3,756,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. CenturyLink Investment Management Co acquired a new stake in shares of 3M during the second quarter worth about $116,000. Parasol Investment Management LLC boosted its position 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. Pointe Capital Management LLC purchased a new position in shares of 3M during the second quarter worth approximately $201,000. Independence Advisors LLC purchased a new position in shares of 3M during the second quarter worth approximately $203,000. Finally, CrestPoint Capital Management LLC purchased a new position in shares of 3M during the second quarter worth approximately $210,000. 65.66% of the stock is owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) traded up 0.01% on Friday, hitting $165.77. The stock had a trading volume of 1,934,281 shares. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27. The company has a market cap of $99.71 billion, a price-to-earnings ratio of 20.90 and a beta of 0.99. The company’s 50 day moving average price is $172.99 and its 200-day moving average price is $173.42.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 25th. The company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.01. 3M had a return on equity of 42.27% and a net margin of 16.40%. The company had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.72 billion. During the same quarter last year, the business posted $2.05 EPS. 3M’s quarterly revenue was up .0% compared to the same quarter last year. Equities research analysts anticipate that 3M Co. will post $8.18 EPS for the current year.
MMM has been the subject of a number of research analyst reports. Morgan Stanley restated a “sell” rating and set a $168.00 target price on shares of 3M in a report on Tuesday, August 23rd. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Credit Suisse Group AG restated a “buy” rating and set a $195.00 target price on shares of 3M in a report on Friday, September 16th. Royal Bank Of Canada lowered their target price on 3M from $159.00 to $155.00 and set an “underperform” rating for the company in a report on Wednesday. Finally, Deutsche Bank AG restated a “hold” rating and set a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. 3M currently has an average rating of “Hold” and an average price target of $170.19.
In other news, insider James L. Bauman sold 9,066 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the sale, the insider now directly owns 10,834 shares in the company, valued at approximately $1,933,002.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.58% of the company’s stock.
3M Company Profile
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.