3M Co (MMM) Holdings Raised by Covenant Asset Management LLC

Covenant Asset Management LLC lifted its stake in shares of 3M Co (NYSE:MMM) by 6.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,555 shares of the conglomerate’s stock after acquiring an additional 341 shares during the period. Covenant Asset Management LLC’s holdings in 3M were worth $1,307,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. UBS Asset Management Americas Inc. increased its position in shares of 3M by 4.9% during the second quarter. UBS Asset Management Americas Inc. now owns 1,916,848 shares of the conglomerate’s stock worth $399,069,000 after acquiring an additional 89,307 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of 3M by 0.5% during the third quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock worth $356,877,000 after acquiring an additional 8,500 shares in the last quarter. Rhumbline Advisers increased its position in shares of 3M by 0.9% during the third quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock worth $236,039,000 after acquiring an additional 9,617 shares in the last quarter. Coho Partners Ltd. increased its position in shares of 3M by 26.8% during the second quarter. Coho Partners Ltd. now owns 687,532 shares of the conglomerate’s stock worth $143,137,000 after acquiring an additional 145,318 shares in the last quarter. Finally, Schroder Investment Management Group increased its position in shares of 3M by 14.9% during the third quarter. Schroder Investment Management Group now owns 636,466 shares of the conglomerate’s stock worth $133,371,000 after acquiring an additional 82,632 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

MMM has been the subject of a number of analyst reports. ValuEngine downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Citigroup reaffirmed a “buy” rating and issued a $250.00 target price (up previously from $228.00) on shares of 3M in a research report on Monday, October 9th. Royal Bank of Canada raised their target price on shares of 3M from $205.00 to $209.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 25th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $237.00 target price (up previously from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $232.15.

Shares of 3M Co (NYSE:MMM) opened at $244.47 on Friday. The company has a market cap of $144,321.81, a price-to-earnings ratio of 27.32, a price-to-earnings-growth ratio of 2.41 and a beta of 1.10. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47. 3M Co has a 12 month low of $173.55 and a 12 month high of $246.00.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.15 earnings per share. equities research analysts expect that 3M Co will post 9.1 EPS for the current year.

In other 3M news, insider Frank R. Jr. Little sold 1,500 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $234.47, for a total value of $351,705.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Nicholas C. Gangestad sold 4,004 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $233.84, for a total transaction of $936,295.36. Following the completion of the sale, the chief financial officer now owns 25,805 shares of the company’s stock, valued at approximately $6,034,241.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,804 shares of company stock valued at $5,303,706. Corporate 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, , 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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