Coastal Investment Advisors Inc. Purchases 81 Shares of 3M Co (NYSE:MMM)

Coastal Investment Advisors Inc. grew its position in shares of 3M Co (NYSE:MMM) by 2.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,978 shares of the conglomerate’s stock after buying an additional 81 shares during the quarter. Coastal Investment Advisors Inc.’s holdings in 3M were worth $649,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Kempen Capital Management N.V. bought a new stake in shares of 3M during the second quarter valued at approximately $25,000. Atwater Malick LLC bought a new stake in shares of 3M during the third quarter valued at approximately $30,000. Weaver Consulting Group bought a new stake in shares of 3M during the first quarter valued at approximately $32,000. Arcus Capital Partners LLC bought a new stake in shares of 3M during the second quarter valued at approximately $35,000. Finally, SRS Capital Advisors Inc. bought a new stake in shares of 3M during the second quarter valued at approximately $37,000. 66.78% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE MMM opened at $163.10 on Friday. The company’s 50 day simple moving average is $162.39 and its 200 day simple moving average is $174.05. 3M Co has a fifty-two week low of $150.58 and a fifty-two week high of $219.75. The firm has a market capitalization of $94.08 billion, a P/E ratio of 15.59, a P/E/G ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34.

3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the business posted $2.59 earnings per share. 3M’s revenue was down 2.6% compared to the same quarter last year. Sell-side analysts expect that 3M Co will post 9.18 EPS for the current fiscal year.

Several analysts have recently commented on the stock. Bank of America decreased their price target on shares of 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Citigroup decreased their price target on shares of 3M from $197.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, October 15th. Credit Suisse Group increased their price target on shares of 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Barclays decreased their price target on shares of 3M from $162.00 to $158.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Finally, Morgan Stanley decreased their price target on shares of 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and a consensus target price of $179.54.

In related news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now directly owns 5,974 shares in the company, valued at $1,017,969.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.83% of the company’s stock.

3M Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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