3M Co (NYSE:MMM) Stake Trimmed by TCI Wealth Advisors Inc.
TCI Wealth Advisors Inc. lowered its stake in 3M Co (NYSE:MMM) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,360 shares of the conglomerate’s stock after selling 181 shares during the quarter. 3M makes up 1.4% of TCI Wealth Advisors Inc.’s investment portfolio, making the stock its 13th largest holding. TCI Wealth Advisors Inc.’s holdings in 3M were worth $3,183,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of MMM. M. Kraus & Co boosted its position in 3M by 5.2% during the 2nd quarter. M. Kraus & Co now owns 3,630 shares of the conglomerate’s stock worth $629,000 after acquiring an additional 179 shares during the period. Edgestream Partners L.P. boosted its position in 3M by 3,427.1% during the 2nd quarter. Edgestream Partners L.P. now owns 45,500 shares of the conglomerate’s stock worth $7,887,000 after acquiring an additional 44,210 shares during the period. Schafer Cullen Capital Management Inc boosted its position in 3M by 26.8% during the 2nd quarter. Schafer Cullen Capital Management Inc now owns 590,654 shares of the conglomerate’s stock worth $102,384,000 after acquiring an additional 124,665 shares during the period. Hikari Power Ltd boosted its position in 3M by 3.9% during the 2nd quarter. Hikari Power Ltd now owns 193,600 shares of the conglomerate’s stock worth $33,559,000 after acquiring an additional 7,270 shares during the period. Finally, First Trust Advisors LP boosted its position in 3M by 26.8% during the 2nd quarter. First Trust Advisors LP now owns 449,059 shares of the conglomerate’s stock worth $77,840,000 after acquiring an additional 94,863 shares during the period. 66.78% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares in the company, valued at approximately $1,017,969.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.83% of the stock is currently owned by insiders.
3M (NYSE:MMM) last posted its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the previous year, the company earned $2.59 EPS. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, equities research analysts expect that 3M Co will post 9.18 EPS for the current fiscal year.
A number of equities research analysts have commented on the company. Bank of America decreased their price objective on 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. UBS Group reduced their price target on 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Citigroup reduced their price target on 3M from $197.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday. JPMorgan Chase & Co. lifted their price target on 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a report on Thursday, October 10th. Finally, Barclays reduced their price target on 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a report on Thursday, October 3rd. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. 3M has an average rating of “Hold” and a consensus price target of $179.54.
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.
Recommended Story: The role of implied volatility with call option volume
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.