3M Company (NYSE:MMM) Shares Sold by State Street Corp
State Street Corp lowered its position in shares of 3M Company (NYSE:MMM) by 0.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,755,387 shares of the conglomerate’s stock after selling 53,203 shares during the period. 3M makes up about 0.8% of State Street Corp’s portfolio, making the stock its 21st largest position. State Street Corp owned about 0.08% of 3M worth $8,754,378,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Cable Hill Partners LLC boosted its position in shares of 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 during the last quarter. Reilly Financial Advisors LLC boosted its position in shares of 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 during the last quarter. Jackson Grant Investment Advisers Inc. boosted its position in shares of 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 during the last quarter. American Research & Management Co. boosted its position in shares of 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 during the last quarter. Finally, American National Bank boosted its position in shares of 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 during the last quarter. 65.80% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Company (NYSE:MMM) traded down 0.12% on Friday, reaching $205.98. The company had a trading volume of 1,452,811 shares. The firm has a market capitalization of $122.92 billion, a price-to-earnings ratio of 23.49 and a beta of 1.08. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57. The firm has a 50-day moving average price of $207.94 and a 200 day moving average price of $196.43.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the previous year, the firm posted $2.08 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. Equities research analysts predict that 3M Company will post $8.94 earnings per share for the current year.
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A number of research firms have recently issued reports on MMM. Bank of America Corporation restated a “buy” rating and issued a $225.00 price target (up from $208.00) on shares of 3M in a research 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 research 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 research 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 research report on Friday, May 26th. Finally, Barclays PLC restated a “buy” rating on shares of 3M in a research report on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $203.40.
In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the sale, the vice president now directly owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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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