Amundi Pioneer Asset Management Inc. lowered its position in 3M Co (NYSE:MMM) by 4.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 888,940 shares of the conglomerate’s stock after selling 41,398 shares during the period. Amundi Pioneer Asset Management Inc. owned approximately 0.15% of 3M worth $184,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently made changes to their positions in MMM. Oregon Public Employees Retirement Fund grew its holdings in 3M by 17,350.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock worth $141,000 after purchasing an additional 26,742,875 shares during the last quarter. Norges Bank purchased a new position in 3M in the fourth quarter worth $918,305,000. Ronna Sue Cohen grew its holdings in 3M by 20,703.2% in the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock worth $2,685,000 after purchasing an additional 2,672,577 shares during the last quarter. BlackRock Inc. grew its holdings in 3M by 3.0% in the fourth quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock worth $7,435,433,000 after purchasing an additional 1,152,714 shares during the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of 3M by 2,768.8% during the fourth quarter. Bessemer Group Inc. now owns 578,657 shares of the conglomerate’s stock valued at $110,258,000 after buying an additional 558,486 shares during the last quarter. 66.62% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on the stock. Bank of America set a $420.00 price objective on shares of Boeing and gave the company a “hold” rating in a report on Thursday, June 27th. Royal Bank of Canada lowered shares of 3M from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $207.00 to $176.00 in a report on Monday, July 8th. Citigroup raised shares of Atara Biotherapeutics from a “sell” rating to a “neutral” rating and upped their price target for the company from $23.00 to $24.00 in a report on Monday, June 3rd. JPMorgan Chase & Co. set a $195.00 price target on shares of bluebird bio and gave the company a “buy” rating in a report on Friday, May 17th. Finally, Argus upped their price objective on shares of Waste Management from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $184.25.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.27). The firm had revenue of $7.86 billion during the quarter, compared to analysts’ expectations of $8.02 billion. 3M had a net margin of 17.43% and a return on equity of 57.42%. The business’s quarterly revenue was down 5.0% on a year-over-year basis. During the same period last year, the company earned $2.50 EPS. On average, equities research analysts anticipate that 3M Co will post 9.29 earnings per share for the current year.
In related news, Director Gregory R. Page purchased 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were purchased at an average cost of $176.26 per share, for a total transaction of $176,260.00. Following the purchase, the director now directly owns 4,000 shares of the company’s stock, valued at $705,040. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joaquin Delgado sold 5,400 shares of 3M stock in a transaction on Friday, May 17th. The stock was sold at an average price of $169.68, for a total transaction of $916,272.00. Following the sale, the insider now owns 28,092 shares in the company, valued at $4,766,650.56. The disclosure for this sale can be found here. Insiders bought a total of 3,200 shares of company stock worth $559,260 over the last 90 days. Company insiders own 0.83% of the company’s stock.
3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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