YorkBridge Wealth Partners LLC reduced its holdings in shares of 3M Company (NYSE:MMM) by 5.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,361 shares of the conglomerate’s stock after selling 794 shares during the period. 3M comprises approximately 1.6% of YorkBridge Wealth Partners LLC’s portfolio, making the stock its 11th biggest holding. YorkBridge Wealth Partners LLC’s holdings in 3M were worth $3,014,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. MPS Loria Financial Planners LLC bought a new position in 3M during the second quarter valued at approximately $124,000. Hoertkorn Richard Charles bought a new position in 3M during the third quarter valued at approximately $126,000. Proficio Capital Partners LLC grew its position in 3M by 156.0% during the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after acquiring an additional 404 shares during the last quarter. Jackson Grant Investment Advisers Inc. grew its position in 3M by 0.6% during the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 4 shares during the last quarter. Finally, Harfst & Associates Inc. grew its position in 3M by 17.0% during the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 66.21% of the company’s stock.
MMM has been the topic of several recent analyst reports. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Bank of America Corporation restated a “buy” rating and issued a $227.00 target price on shares of 3M in a report on Thursday, September 14th. Credit Suisse Group restated an “outperform” rating and issued a $237.00 target price (up previously from $229.00) on shares of 3M in a report on Wednesday, October 11th. Morgan Stanley restated an “underweight” rating and issued a $191.00 target price (down previously from $193.00) on shares of 3M in a report on Monday, July 10th. Finally, Citigroup Inc. restated a “buy” rating and issued a $250.00 target price (up previously from $228.00) on shares of 3M in a report on Monday, October 9th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $230.44.
In other news, Chairman Inge G. Thulin sold 6,823 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $233.14, for a total transaction of $1,590,714.22. Following the transaction, the chairman now owns 196,906 shares of the company’s stock, valued at approximately $45,906,664.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the transaction, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold a total of 23,787 shares of company stock worth $5,304,971 in the last three months. Corporate insiders own 0.58% of the company’s stock.
Shares of 3M Company (NYSE:MMM) traded up 0.56% during trading on Wednesday, reaching $231.47. The company’s stock had a trading volume of 302,009 shares. The company has a 50-day moving average price of $217.60 and a 200-day moving average price of $207.40. 3M Company has a one year low of $163.91 and a one year high of $238.90. The stock has a market cap of $138.13 billion, a price-to-earnings ratio of 26.40 and a beta of 1.09.
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 analysts’ consensus estimates of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the prior year, the company earned $2.15 EPS. The business’s revenue was up 6.0% compared to the same quarter last year. On average, equities research analysts forecast that 3M Company will post $9.08 earnings per share for the current fiscal year.
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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