Oppenheimer Asset Management Inc. Acquires New Stake in 3M Company (MMM)
Oppenheimer Asset Management Inc. acquired a new position in shares of 3M Company (NYSE:MMM) during the first quarter, according to its most recent filing with the SEC. The institutional investor acquired 74,752 shares of the conglomerate’s stock, valued at approximately $14,301,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its position in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the period. First Eagle Investment Management LLC increased its position in 3M by 3.9% in the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after buying an additional 167,491 shares during the period. Ameriprise Financial Inc. increased its position in 3M by 0.3% in the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after buying an additional 8,239 shares during the period. American Century Companies Inc. increased its position in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in 3M by 3.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock worth $534,998,000 after buying an additional 92,789 shares during the last quarter. Hedge funds and other institutional investors own 65.80% of the company’s stock.
3M Company (MMM) traded down 0.13% during mid-day trading on Friday, hitting $205.97. 344,357 shares of the company were exchanged. The company has a market cap of $122.92 billion, a price-to-earnings ratio of 23.49 and a beta of 1.08. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The stock’s 50 day moving average is $208.12 and its 200-day moving average is $196.24.
3M (NYSE:MMM) last issued 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 net margin of 17.65% and a return on equity of 47.83%. The firm had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the firm posted $2.08 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts predict that 3M Company will post $8.94 EPS for the current year.
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A number of research analysts have recently issued reports on the stock. Morgan Stanley raised their price target on shares of 3M from $178.00 to $193.00 and gave the stock an “underweight” rating in a research report on Friday, June 9th. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a research report on Monday, June 19th. Stifel Nicolaus restated a “hold” rating and issued a $202.00 price target on shares of 3M in a research report on Wednesday, July 19th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $209.00 price target (down from $210.00) on shares of 3M in a research report on Wednesday, July 26th. Two 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 company’s stock. 3M has a consensus 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 value of $2,877,598.08. Following the sale, the vice president now owns 24,480 shares in the company, valued at approximately $4,770,662.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.58% of the stock is currently owned by insiders.
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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