Spearhead Capital Advisors LLC Grows Stake in 3M (NYSE:MMM)

Spearhead Capital Advisors LLC increased its stake in 3M (NYSE:MMM) by 18.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,533 shares of the conglomerate’s stock after acquiring an additional 7,176 shares during the period. 3M makes up approximately 1.3% of Spearhead Capital Advisors LLC’s investment portfolio, making the stock its 27th biggest position. Spearhead Capital Advisors LLC’s holdings in 3M were worth $8,773,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cypress Wealth Services LLC grew its position in 3M by 1.8% in the first quarter. Cypress Wealth Services LLC now owns 2,863 shares of the conglomerate’s stock worth $552,000 after acquiring an additional 52 shares in the last quarter. Hubbell Strickland Wealth Management LLC boosted its position in shares of 3M by 2.7% during the first quarter. Hubbell Strickland Wealth Management LLC now owns 1,985 shares of the conglomerate’s stock valued at $382,000 after buying an additional 53 shares during the period. Vigilant Capital Management LLC boosted its position in shares of 3M by 1.6% during the first quarter. Vigilant Capital Management LLC now owns 3,517 shares of the conglomerate’s stock valued at $678,000 after buying an additional 55 shares during the period. PDS Planning Inc boosted its position in shares of 3M by 2.2% during the first quarter. PDS Planning Inc now owns 2,515 shares of the conglomerate’s stock valued at $485,000 after buying an additional 55 shares during the period. Finally, TCF National Bank boosted its position in shares of 3M by 1.1% during the fourth quarter. TCF National Bank now owns 5,037 shares of the conglomerate’s stock valued at $880,000 after buying an additional 57 shares during the period. Institutional investors own 64.68% of the company’s stock.

Several research analysts have issued reports on MMM shares. Bank of America lowered 3M from a “neutral” rating to an “underperform” rating and set a $170.00 target price for the company. in a research report on Thursday, January 7th. Morgan Stanley boosted their price target on 3M from $188.00 to $200.00 and gave the company an “equal weight” rating in a report on Monday, April 19th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $206.00 price target for the company in a report on Thursday, April 29th. Citigroup boosted their price target on 3M from $185.00 to $188.00 in a report on Wednesday, January 27th. Finally, Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $200.00 price target for the company in a report on Wednesday, February 3rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. 3M currently has a consensus rating of “Hold” and an average target price of $193.45.

NYSE MMM traded down $0.22 during midday trading on Tuesday, hitting $198.39. 18,460 shares of the company traded hands, compared to its average volume of 2,705,453. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.90 and a quick ratio of 1.37. The company has a market cap of $115.00 billion, a PE ratio of 23.28, a price-to-earnings-growth ratio of 1.85 and a beta of 0.92. The company’s 50-day simple moving average is $195.03 and its 200-day simple moving average is $178.49. 3M has a 52 week low of $131.12 and a 52 week high of $203.15.

3M (NYSE:MMM) last issued its quarterly earnings data on Monday, April 26th. The conglomerate reported $2.77 EPS for the quarter, beating the consensus estimate of $2.29 by $0.48. 3M had a return on equity of 44.77% and a net margin of 15.65%. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.43 billion. During the same quarter in the prior year, the business posted $2.16 EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, research analysts predict that 3M will post 8.56 earnings per share for the current year.

In other news, EVP Kristen M. Ludgate sold 933 shares of the stock in a transaction on Wednesday, April 21st. The stock was sold at an average price of $200.00, for a total transaction of $186,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Ivan K. Fong sold 12,059 shares of the firm’s stock in a transaction on Friday, April 30th. The stock was sold at an average price of $198.46, for a total value of $2,393,229.14. Following the completion of the transaction, the vice president now owns 47,872 shares of the company’s stock, valued at approximately $9,500,677.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,042 shares of company stock valued at $2,588,687. Company insiders own 0.42% of the company’s stock.

About 3M

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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

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