Chelsea Counsel Co. Cuts Stake in 3M Co (MMM)

Chelsea Counsel Co. lessened its holdings in shares of 3M Co (NYSE:MMM) by 8.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 59,345 shares of the conglomerate’s stock after selling 5,284 shares during the quarter. 3M accounts for 7.5% of Chelsea Counsel Co.’s investment portfolio, making the stock its biggest position. Chelsea Counsel Co.’s holdings in 3M were worth $13,968,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. UBS Asset Management Americas Inc. raised its holdings 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 valued at $399,069,000 after buying an additional 89,307 shares during the last quarter. New York State Common Retirement Fund raised its holdings 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 valued at $356,877,000 after buying an additional 8,500 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of 3M by 0.9% during the third quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock valued at $236,039,000 after buying an additional 9,617 shares during the last quarter. Coho Partners Ltd. raised its holdings in shares of 3M by 26.8% during the second quarter. Coho Partners Ltd. now owns 687,532 shares of the conglomerate’s stock valued at $143,137,000 after buying an additional 145,318 shares during the last quarter. Finally, Schroder Investment Management Group raised its holdings 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 valued at $133,371,000 after buying an additional 82,632 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

In other 3M news, insider Frank R. Jr. Little sold 1,500 shares of 3M stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $234.47, for a total transaction of $351,705.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Khandpur K. Ashish sold 4,004 shares of 3M stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $231.39, for a total transaction of $926,485.56. Following the transaction, the vice president now owns 5,236 shares in the company, valued at $1,211,558.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,804 shares of company stock worth $5,303,706. 0.58% of the stock is currently owned by company insiders.

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

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

A number of research analysts recently commented on MMM shares. Royal Bank of Canada reiterated a “hold” rating and set a $209.00 price objective on shares of 3M in a research note on Friday, September 15th. JPMorgan Chase & Co. lowered shares of 3M from a “neutral” rating to an “underweight” rating and raised their price objective for the company from $185.00 to $201.00 in a research note on Wednesday, September 20th. Morgan Stanley raised their price objective on shares of 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a research note on Monday, October 2nd. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Finally, Citigroup reiterated a “buy” rating and set a $250.00 price objective (up previously from $228.00) on shares of 3M in a research note on Monday, October 9th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. 3M has an average rating of “Hold” and an average target price of $232.15.

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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, , 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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