Ferguson Wellman Capital Management Inc. cut its stake in shares of 3M Company (NYSE:MMM) by 1.6% during the second quarter, Holdings Channel reports. The fund owned 34,947 shares of the conglomerate’s stock after selling 569 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in 3M were worth $7,276,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Capital Investment Counsel Inc increased its stake in shares of 3M by 7.0% in the first quarter. Capital Investment Counsel Inc now owns 2,889 shares of the conglomerate’s stock valued at $553,000 after buying an additional 189 shares in the last quarter. Cable Hill Partners LLC increased its stake in shares of 3M by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock valued at $122,000 after buying an additional 15 shares in the last quarter. Burke & Herbert Bank & Trust Co. increased its stake in shares of 3M by 4.8% in the first quarter. Burke & Herbert Bank & Trust Co. now owns 6,600 shares of the conglomerate’s stock valued at $1,262,000 after buying an additional 300 shares in the last quarter. Trust Co. of Oklahoma increased its stake in shares of 3M by 3.4% in the first quarter. Trust Co. of Oklahoma now owns 8,007 shares of the conglomerate’s stock valued at $1,532,000 after buying an additional 265 shares in the last quarter. Finally, Forte Capital LLC ADV increased its stake in shares of 3M by 42.2% in the first quarter. Forte Capital LLC ADV now owns 2,962 shares of the conglomerate’s stock valued at $567,000 after buying an additional 879 shares in the last quarter. 65.80% of the stock is owned by institutional investors and hedge funds.

3M Company (MMM) opened at 205.98 on Friday. The firm has a 50-day moving average price of $207.94 and a 200 day moving average price of $196.43. 3M Company has a 52-week low of $163.85 and a 52-week high of $214.57. The stock has a market cap of $122.92 billion, a PE ratio of 23.49 and a beta of 1.08.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter last year, the firm posted $2.08 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. Equities analysts anticipate that 3M Company will post $8.94 earnings per share for the current year.

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MMM has been the subject of several recent research reports. Citigroup Inc. reaffirmed a “buy” rating and set a $229.00 price target (up from $220.00) on shares of 3M in a report on Saturday, June 3rd. BidaskClub downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, April 27th. Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 price target (down from $193.00) on shares of 3M in a report on Monday, July 10th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $210.00 price target on shares of 3M in a report on Friday, July 28th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The company 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 company’s stock in a transaction 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 completion of the sale, the vice president now owns 24,480 shares in the company, valued at $4,770,662.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.58% of the company’s stock.

About 3M

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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