Trading Report: The Prospera Financial Services Inc Increases Stake in 3M Co. (MMM)

The Prospera Financial Services Inc Increases Stake in 3M Co. (MMM)

Prospera Financial Services Inc boosted its position in 3M Co. (NYSE:MMM) by 30.6% during the second quarter, Holdings Channel reports. The fund owned 5,494 shares of the company’s stock after buying an additional 1,288 shares during the period. Prospera Financial Services Inc’s holdings in 3M were worth $962,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Genesee Valley Trust Co. increased its stake in shares of 3M by 17.3% in the second quarter. Genesee Valley Trust Co. now owns 7,929 shares of the company’s stock worth $1,389,000 after buying an additional 1,169 shares during the last quarter. Canandaigua National Bank & Trust Co. increased its stake in shares of 3M by 4.2% in the second quarter. Canandaigua National Bank & Trust Co. now owns 20,790 shares of the company’s stock worth $3,641,000 after buying an additional 839 shares during the last quarter. First Merchants Corp increased its stake in shares of 3M by 7.8% in the second quarter. First Merchants Corp now owns 16,142 shares of the company’s stock worth $2,826,000 after buying an additional 1,174 shares during the last quarter. Wagner Bowman Management Corp increased its stake in shares of 3M by 0.3% in the second quarter. Wagner Bowman Management Corp now owns 15,194 shares of the company’s stock worth $2,660,000 after buying an additional 47 shares during the last quarter. Finally, Investment House LLC increased its stake in shares of 3M by 2.1% in the second quarter. Investment House LLC now owns 25,497 shares of the company’s stock worth $4,465,000 after buying an additional 513 shares during the last quarter. 65.66% of the stock is currently owned by hedge funds and other institutional investors.

Shares of 3M Co. (NYSE:MMM) traded down 0.07% on Monday, hitting $170.21. 1,229,184 shares of the stock traded hands. The firm has a market cap of $102.87 billion, a PE ratio of 21.72 and a beta of 0.99. The firm has a 50 day moving average price of $175.82 and a 200 day moving average price of $173.41. 3M Co. has a 52-week low of $134.64 and a 52-week high of $182.27.

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

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. Credit Suisse Group AG reissued a “buy” rating and issued a $195.00 price target on shares of 3M in a report on Friday, September 16th. Deutsche Bank AG reissued a “hold” rating and issued a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Morgan Stanley reissued a “sell” rating and issued a $168.00 price target on shares of 3M in a report on Tuesday, August 23rd. Finally, Jefferies Group reissued a “buy” rating on shares of 3M in a report on Thursday, August 4th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus price target of $166.20.

In related news, VP Khandpur K. Ashish sold 1,679 shares of the business’s stock in a transaction that occurred 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 approximately $180,352.29. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul A. Keel sold 3,180 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were 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. Corporate 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.

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