First Long Island Investors LLC continued to hold its stake in shares of 3M Co. (NYSE:MMM) during the second quarter, Holdings Channel reports. The firm owned 58,358 shares of the company’s stock at the end of the second quarter. 3M accounts for approximately 1.9% of First Long Island Investors LLC’s portfolio, making the stock its 26th largest position. First Long Island Investors LLC’s holdings in 3M were worth $9,724,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Reilly Financial Advisors LLC increased its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock worth $113,000 after buying an additional 178 shares in the last quarter. CenturyLink Investment Management Co acquired a new position in 3M during the second quarter worth approximately $116,000. Jackson Grant Investment Advisers Inc. increased its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock worth $124,000 after buying an additional 49 shares in the last quarter. Parasol Investment Management LLC increased its position in 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 in the last quarter. Finally, Pointe Capital Management LLC acquired a new position in 3M during the second quarter worth approximately $201,000. Institutional investors and hedge funds own 65.67% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) opened at 171.15 on Friday. The company has a market capitalization of $103.44 billion, a PE ratio of 21.84 and a beta of 0.99. 3M Co. has a 12 month low of $134.64 and a 12 month high of $182.27. The firm has a 50-day moving average of $176.35 and a 200 day moving average of $173.25.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.01. 3M had a return on equity of 41.84% and a net margin of 16.29%. The firm earned $7.70 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same period in the prior year, the company posted $2.02 earnings per share. The business’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities research analysts expect that 3M Co. will post $8.21 earnings per share for the current fiscal year.
A number of equities analysts have commented on the stock. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, August 4th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $186.00 price objective (up previously from $178.00) on shares of 3M in a report on Thursday, July 28th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $164.00 price objective on shares of 3M in a report on Thursday, August 25th. Finally, Morgan Stanley reissued a “sell” rating and set a $168.00 price target on shares of 3M in a report on Tuesday, August 23rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. 3M has an average rating of “Hold” and an average target price of $167.11.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the transaction, the vice president now directly owns 1,011 shares in the company, valued at $180,352.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul A. Keel sold 3,180 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $567,280.20. Following the transaction, the insider now owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
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.