Gilbert & Cook Inc. Invests $206,000 in 3M Company (MMM)
Gilbert & Cook Inc. purchased a new stake in shares of 3M Company (NYSE:MMM) during the first quarter, Holdings Channel reports. The fund purchased 1,079 shares of the conglomerate’s stock, valued at approximately $206,000.
Other institutional investors also recently modified their holdings of the company. Bank of Nova Scotia boosted its position in shares of 3M by 725.4% in the first quarter. Bank of Nova Scotia now owns 139,391 shares of the conglomerate’s stock valued at $26,669,000 after buying an additional 122,503 shares during the period. Financial Advisors Network Inc. boosted its position in shares of 3M by 8.7% in the first quarter. Financial Advisors Network Inc. now owns 5,089 shares of the conglomerate’s stock valued at $1,003,000 after buying an additional 408 shares during the period. Meridian Wealth Management LLC boosted its position in shares of 3M by 34.8% in the first quarter. Meridian Wealth Management LLC now owns 1,548 shares of the conglomerate’s stock valued at $296,000 after buying an additional 400 shares during the period. Green Square Capital LLC bought a new position in shares of 3M during the first quarter valued at about $660,000. Finally, Almanack Investment Partners LLC. bought a new position in shares of 3M during the first quarter valued at about $243,000. Hedge funds and other institutional investors own 65.71% of the company’s stock.
Shares of 3M Company (MMM) traded down 0.1492% on Tuesday, hitting $207.0606. The company’s stock had a trading volume of 246,100 shares. The stock’s 50 day moving average is $207.78 and its 200-day moving average is $196.94. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.57. The company has a market cap of $123.57 billion, a price-to-earnings ratio of 23.6182 and a beta of 1.08.
3M (NYSE:MMM) last posted 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 firm had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period in the prior year, the business posted $2.08 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities research analysts anticipate that 3M Company will post $8.94 earnings per share for the current year.
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Several equities analysts recently issued reports on the company. Stifel Nicolaus restated a “hold” rating and issued a $210.00 price target on shares of 3M in a research report on Friday, July 28th. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Citigroup Inc. dropped their target price on 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 reiterated an “underweight” rating and set a $190.00 target price (down previously from $191.00) on shares of 3M in a research report on Wednesday, July 26th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $209.00 target price (down previously from $210.00) on shares of 3M in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. 3M presently has an average rating of “Hold” and an average target price of $203.40.
In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total value of $2,877,598.08. Following the completion of the transaction, the vice president now owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
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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