3M Company (NYSE:MMM) Position Reduced by Dynamic Capital Management Ltd
Dynamic Capital Management Ltd cut its position in shares of 3M Company (NYSE:MMM) by 48.9% during the first quarter, Holdings Channel reports. The institutional investor owned 3,275 shares of the conglomerate’s stock after selling 3,133 shares during the period. Dynamic Capital Management Ltd’s holdings in 3M were worth $627,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Cable Hill Partners LLC increased its stake in 3M by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock worth $122,000 after buying an additional 15 shares in the last quarter. Reilly Financial Advisors LLC increased its stake in 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock worth $123,000 after buying an additional 24 shares in the last quarter. Jackson Grant Investment Advisers Inc. increased its stake in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after buying an additional 4 shares in the last quarter. American Research & Management Co. increased its stake in 3M by 8.1% in the first quarter. American Research & Management Co. now owns 935 shares of the conglomerate’s stock worth $179,000 after buying an additional 70 shares in the last quarter. Finally, American National Bank increased its stake in 3M by 23.2% in the first quarter. American National Bank now owns 965 shares of the conglomerate’s stock worth $185,000 after buying an additional 182 shares in the last quarter. Institutional investors and hedge funds own 65.80% of the company’s stock.
Shares of 3M Company (NYSE:MMM) traded down 0.36% on Thursday, reaching $205.73. The company had a trading volume of 81,781 shares. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57. The stock has a 50-day moving average price of $208.31 and a 200-day moving average price of $196.16. The stock has a market cap of $122.77 billion, a PE ratio of 23.47 and a beta of 1.08.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the prior year, the firm posted $2.08 earnings per share. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. Analysts predict that 3M Company will post $8.94 earnings per share for the current fiscal year.
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MMM has been the subject of a number of recent analyst reports. Bank of America Corporation reiterated a “buy” rating and issued a $225.00 price objective (up previously from $208.00) on shares of 3M in a report on Tuesday, June 6th. Citigroup Inc. restated a “buy” rating and issued a $229.00 price target (up from $220.00) on shares of 3M in a report on Saturday, June 3rd. Jefferies Group LLC restated a “buy” rating and issued a $234.00 price target on shares of 3M in a report on Thursday, June 1st. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $223.00 price target for the company in a report on Friday, May 26th. Finally, Barclays PLC restated a “buy” rating on shares of 3M in a report on Thursday, April 27th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $203.40.
In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total value of $2,877,598.08. Following the transaction, the vice president now owns 24,480 shares in the company, valued at approximately $4,770,662.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.58% of the stock is owned by insiders.
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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