DT Investment Partners LLC Makes New Investment in 3M Co (NYSE:MMM)

DT Investment Partners LLC acquired a new position in shares of 3M Co (NYSE:MMM) during the 3rd quarter, Holdings Channel.com reports. The firm acquired 28,378 shares of the conglomerate’s stock, valued at approximately $4,665,000. 3M accounts for 0.6% of DT Investment Partners LLC’s holdings, making the stock its 27th largest position.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cornerstone Wealth Group LLC increased its holdings in shares of 3M by 45.0% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 14,528 shares of the conglomerate’s stock valued at $2,388,000 after acquiring an additional 4,512 shares during the period. Principle Wealth Partners LLC increased its holdings in shares of 3M by 80.7% in the 3rd quarter. Principle Wealth Partners LLC now owns 3,405 shares of the conglomerate’s stock valued at $560,000 after acquiring an additional 1,521 shares during the period. Lakeview Capital Partners LLC increased its holdings in shares of 3M by 2.7% in the 3rd quarter. Lakeview Capital Partners LLC now owns 3,475 shares of the conglomerate’s stock valued at $571,000 after acquiring an additional 93 shares during the period. Jacobs & Co. CA increased its holdings in shares of 3M by 5.0% in the 3rd quarter. Jacobs & Co. CA now owns 44,435 shares of the conglomerate’s stock valued at $7,305,000 after acquiring an additional 2,100 shares during the period. Finally, Alps Advisors Inc. purchased a new position in shares of 3M in the 3rd quarter valued at $691,000. Institutional investors own 66.69% of the company’s stock.

In other news, EVP Khandpur K. Ashish sold 3,362 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $174.20, for a total value of $585,660.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Eric D. Hammes sold 1,341 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total value of $233,669.25. The disclosure for this sale can be found here. 0.83% of the stock is owned by company insiders.

3M stock opened at $173.15 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 2.30 and a quick ratio of 1.79. The stock has a market capitalization of $100.79 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 2.03 and a beta of 1.10. 3M Co has a 1-year low of $150.58 and a 1-year high of $219.75. The business has a fifty day moving average price of $163.83 and a 200-day moving average price of $169.15.

3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, October 24th. The conglomerate reported $2.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.49 by $0.09. The firm had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. The business’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.58 EPS. On average, equities research analysts anticipate that 3M Co will post 9.09 earnings per share for the current fiscal year.

A number of brokerages have recently issued reports on MMM. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating and set a $166.00 price target on the stock. in a report on Monday, October 14th. Barclays cut their price target on 3M from $158.00 to $157.00 and set an “underweight” rating on the stock in a report on Monday, October 28th. JPMorgan Chase & Co. lifted their price target on 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a report on Thursday, October 10th. Credit Suisse Group lifted their price target on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 26th. They noted that the move was a valuation call. Finally, Royal Bank of Canada cut their price target on 3M from $165.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. 3M presently has an average rating of “Hold” and an average target price of $174.08.

3M Company 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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