Tower Bridge Advisors decreased its stake in 3M Company (NYSE:MMM) by 1.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,193 shares of the conglomerate’s stock after selling 1,700 shares during the period. 3M comprises 2.5% of Tower Bridge Advisors’ holdings, making the stock its 4th largest position. Tower Bridge Advisors’ holdings in 3M were worth $21,657,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of MMM. Dodge & Cox purchased a new stake in shares of 3M during the fourth quarter valued at about $3,917,000. Pekin Singer Strauss Asset Management IL raised its stake in shares of 3M by 16.1% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 2,068 shares of the conglomerate’s stock valued at $369,000 after buying an additional 287 shares during the period. Wealthfront Inc. raised its stake in shares of 3M by 0.8% in the fourth quarter. Wealthfront Inc. now owns 16,310 shares of the conglomerate’s stock valued at $2,912,000 after buying an additional 125 shares during the period. Jackson Grant Investment Advisers Inc. raised its stake in shares of 3M by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 714 shares of the conglomerate’s stock valued at $128,000 after buying an additional 4 shares during the period. Finally, Perigon Wealth Management LLC raised its stake in shares of 3M by 14.1% in the fourth quarter. Perigon Wealth Management LLC now owns 28,699 shares of the conglomerate’s stock valued at $5,466,000 after buying an additional 3,544 shares during the period. 65.74% of the stock is owned by hedge funds and other institutional investors.

3M Company (MMM) opened at 211.31 on Wednesday. The firm’s 50 day moving average price is $209.34 and its 200-day moving average price is $193.30. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The stock has a market cap of $126.20 billion, a P/E ratio of 25.55 and a beta of 1.09.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 25th. The conglomerate reported $2.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.09. 3M had a net margin of 16.78% and a return on equity of 44.95%. The firm had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.48 billion. During the same quarter in the previous year, the firm posted $1.95 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. Equities research analysts anticipate that 3M Company will post $8.98 earnings per share for the current fiscal year.

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MMM has been the subject of several research analyst reports. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $213.00 price target for the company in a research note on Wednesday, March 29th. Vetr raised 3M from a “sell” rating to a “hold” rating and set a $183.19 price target for the company in a research note on Friday, April 14th. Barclays PLC reaffirmed an “overweight” rating and set a $201.00 price target (up previously from $200.00) on shares of 3M in a research note on Wednesday, April 19th. Jefferies Group LLC boosted their target price on 3M from $210.00 to $219.00 and gave the company a “buy” rating in a research note on Wednesday, April 19th. Finally, Stifel Nicolaus boosted their target price on 3M from $190.00 to $202.00 and gave the company a “hold” rating in a research note on Wednesday, April 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $201.55.

In related news, insider Jon T. Lindekugel sold 1,300 shares of 3M stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $197.22, for a total transaction of $256,386.00. Following the transaction, the insider now directly owns 2,238 shares of the company’s stock, valued at $441,378.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kimberly F. Price sold 3,016 shares of 3M stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $198.11, for a total transaction of $597,499.76. Following the transaction, the insider now directly owns 9,292 shares in the company, valued at $1,840,838.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,698 shares of company stock worth $6,593,443. 0.58% of the stock is currently owned by corporate 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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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