Colony Group LLC purchased a new stake in shares of 3M Company (NYSE:MMM) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 4,718 shares of the conglomerate’s stock, valued at approximately $982,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in shares of 3M by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after buying an additional 300,345 shares during the period. First Eagle Investment Management LLC raised its position in shares of 3M by 3.9% during the 1st quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock valued at $844,511,000 after buying an additional 167,491 shares during the period. Ameriprise Financial Inc. raised its position in shares of 3M by 0.3% during the 1st quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock valued at $626,792,000 after buying an additional 8,239 shares during the period. American Century Companies Inc. raised its position in shares of 3M by 37.1% during the 1st quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after buying an additional 852,262 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in shares of 3M by 3.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock valued at $534,998,000 after buying an additional 92,789 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Shares of 3M Company (NYSE:MMM) traded up 0.06% during mid-day trading on Friday, reaching $217.72. The company’s stock had a trading volume of 1,461,703 shares. 3M Company has a 1-year low of $163.85 and a 1-year high of $219.76. The firm’s 50 day moving average price is $210.45 and its 200-day moving average price is $204.27. The company has a market capitalization of $129.93 billion, a price-to-earnings ratio of 24.83 and a beta of 1.09.

3M (NYSE:MMM) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the prior year, the business posted $2.08 EPS. The business’s revenue was up 1.9% on a year-over-year basis. On average, analysts predict that 3M Company will post $8.96 EPS for the current year.

MMM has been the topic of several analyst reports. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. BidaskClub lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Citigroup Inc. reduced their price target on shares of 3M from $230.00 to $228.00 and set a “buy” rating on the stock in a research report on Wednesday, July 26th. Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 price target (down previously from $193.00) on shares of 3M in a research 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 research report on Friday, July 28th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued 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.

In other news, VP Eric D. Hammes sold 1,428 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the transaction, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Frank R. Jr. Little sold 2,719 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the transaction, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. In the last three months, insiders sold 9,112 shares of company stock worth $1,878,890. Insiders own 0.58% of the company’s stock.

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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.

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

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