3M Company (MMM) Stake Lessened by Lord Abbett & CO. LLC
Lord Abbett & CO. LLC decreased its holdings in 3M Company (NYSE:MMM) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 298,534 shares of the conglomerate’s stock after selling 5,700 shares during the period. Lord Abbett & CO. LLC owned approximately 0.05% of 3M worth $62,152,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Proficio Capital Partners LLC increased its stake in shares of 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after purchasing an additional 404 shares during the last quarter. Jackson Grant Investment Advisers Inc. increased its stake in shares of 3M by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after purchasing an additional 4 shares during the last quarter. Harfst & Associates Inc. increased its stake in shares of 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after purchasing an additional 100 shares during the last quarter. One Capital Management LLC bought a new position in shares of 3M in the 1st quarter valued at $202,000. Finally, FDO Partners LLC bought a new position in shares of 3M in the 1st quarter valued at $203,000. Institutional investors own 66.18% of the company’s stock.
In related news, insider Frank R. Jr. Little sold 2,719 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the sale, the insider now directly owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the sale, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The disclosure for this sale can be found here. Insiders sold 9,112 shares of company stock worth $1,878,890 over the last three months. 0.58% of the stock is owned by insiders.
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A number of brokerages recently weighed in on MMM. Royal Bank Of Canada restated a “hold” rating and set a $205.00 price objective on shares of 3M in a research report on Friday, October 13th. Credit Suisse Group restated an “outperform” rating and set a $237.00 price objective (up previously from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Citigroup Inc. restated a “buy” rating and set a $250.00 price objective (up previously from $228.00) on shares of 3M in a research report on Monday, October 9th. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Finally, Morgan Stanley boosted their price objective on 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a research report on Monday, October 2nd. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $209.77.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The business had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.08 earnings per share.
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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