CNB Bank Increases Stock Holdings in 3M Co (NYSE:MMM)
CNB Bank grew its position in 3M Co (NYSE:MMM) by 46.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,315 shares of the conglomerate’s stock after purchasing an additional 1,048 shares during the period. CNB Bank’s holdings in 3M were worth $545,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Kempen Capital Management N.V. acquired a new stake in shares of 3M during the second quarter valued at $25,000. 1 North Wealth Services LLC acquired a new stake in shares of 3M during the third quarter valued at $26,000. Atwater Malick LLC acquired a new stake in shares of 3M during the third quarter valued at $30,000. Bridger Capital Management LLC acquired a new stake in shares of 3M during the third quarter valued at $33,000. Finally, Arcus Capital Partners LLC acquired a new stake in shares of 3M during the second quarter valued at $35,000. Institutional investors and hedge funds own 66.69% of the company’s stock.
A number of analysts recently commented on the company. Wolfe Research set a $177.00 price objective on 3M and gave the company a “sell” rating in a research note on Friday, October 25th. Barclays decreased their price objective on 3M from $158.00 to $157.00 and set an “underweight” rating on the stock in a research note on Monday, October 28th. Citigroup decreased their price objective on 3M from $197.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, October 15th. Credit Suisse Group increased their price objective on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Finally, UBS Group decreased their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. 3M currently has a consensus rating of “Hold” and an average target price of $174.08.
NYSE:MMM traded down $1.37 during mid-day trading on Friday, reaching $173.15. The company’s stock had a trading volume of 1,615,575 shares, compared to its average volume of 2,790,791. The company’s fifty day simple moving average is $163.83 and its two-hundred day simple moving average is $169.15. The company has a debt-to-equity ratio of 1.68, a current ratio of 2.30 and a quick ratio of 1.79. 3M Co has a twelve month low of $150.58 and a twelve month high of $219.75. The stock has a market cap of $100.79 billion, a P/E ratio of 16.55, a P/E/G ratio of 2.03 and a beta of 1.10.
3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.49 by $0.09. 3M had a return on equity of 54.02% and a net margin of 15.48%. The firm had revenue of $7.99 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same period last year, the company earned $2.58 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. Sell-side analysts expect that 3M Co will post 9.09 EPS for the current fiscal year.
3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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