Murphy Capital Management Inc. Cuts Stake in 3M Co (MMM)
Murphy Capital Management Inc. cut its position in 3M Co (NYSE:MMM) by 1.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,270 shares of the conglomerate’s stock after selling 817 shares during the period. 3M makes up about 1.7% of Murphy Capital Management Inc.’s investment portfolio, making the stock its 14th largest position. Murphy Capital Management Inc.’s holdings in 3M were worth $11,340,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Venturi Wealth Management LLC raised its stake in 3M by 167.0% in the third quarter. Venturi Wealth Management LLC now owns 15,860 shares of the conglomerate’s stock worth $2,795,000 after buying an additional 9,920 shares during the last quarter. Wells Fargo & Company MN raised its stake in 3M by 0.3% in the third quarter. Wells Fargo & Company MN now owns 7,148,070 shares of the conglomerate’s stock worth $1,259,705,000 after buying an additional 23,986 shares during the last quarter. Bahl & Gaynor Inc. raised its stake in 3M by 11.1% in the third quarter. Bahl & Gaynor Inc. now owns 1,228,393 shares of the conglomerate’s stock worth $216,479,000 after buying an additional 123,099 shares during the last quarter. Cypress Asset Management Inc. TX raised its stake in 3M by 6.2% in the third quarter. Cypress Asset Management Inc. TX now owns 16,319 shares of the conglomerate’s stock worth $2,876,000 after buying an additional 950 shares during the last quarter. Finally, MAI Capital Management raised its stake in 3M by 1.2% in the third quarter. MAI Capital Management now owns 10,529 shares of the conglomerate’s stock worth $1,856,000 after buying an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 65.80% of the company’s stock.
3M Co (NYSE:MMM) opened at 191.16 on Friday. The firm’s 50-day moving average is $190.57 and its 200 day moving average is $179.11. 3M Co has a 12-month low of $163.17 and a 12-month high of $193.50. The stock has a market capitalization of $113.97 billion, a P/E ratio of 23.43 and a beta of 1.04.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 24th. The conglomerate reported $1.88 EPS for the quarter, topping the Zacks’ consensus estimate of $1.87 by $0.01. 3M had a return on equity of 43.82% and a net margin of 16.77%. The firm earned $7.33 billion during the quarter, compared to analyst estimates of $7.35 billion. During the same period last year, the company posted $1.80 EPS. The business’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts expect that 3M Co will post $8.63 EPS for the current year.
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A number of analysts recently issued reports on MMM shares. Royal Bank of Canada reissued a “hold” rating and set a $187.00 price target on shares of 3M in a report on Sunday, March 12th. Vetr downgraded shares of 3M from a “hold” rating to a “sell” rating and set a $171.00 price target on the stock. in a report on Thursday, December 22nd. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $213.00 price target on the stock in a report on Wednesday, March 29th. Citigroup Inc lowered their price target on shares of 3M from $206.00 to $204.00 and set a “buy” rating on the stock in a report on Wednesday, January 25th. Finally, Jefferies Group LLC increased their price target on shares of 3M from $210.00 to $219.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $189.38.
In related news, insider Paul A. Keel sold 8,440 shares of the firm’s stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $181.24, for a total value of $1,529,665.60. Following the transaction, the insider now directly owns 17,216 shares of the company’s stock, valued at approximately $3,120,227.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nicholas C. Gangestad sold 2,888 shares of the firm’s stock in a transaction that occurred on Monday, February 13th. The shares were sold at an average price of $181.31, for a total value of $523,623.28. Following the completion of the transaction, the chief financial officer now directly owns 20,071 shares in the company, valued at $3,639,073.01. The disclosure for this sale can be found here. Insiders have sold a total of 66,785 shares of company stock valued at $11,866,885 over the last 90 days. Corporate insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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