Ropes Wealth Advisors LLC Grows Holdings in 3M Co (MMM)

Ropes Wealth Advisors LLC raised its stake in 3M Co (NYSE:MMM) by 10.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,686 shares of the conglomerate’s stock after purchasing an additional 2,957 shares during the period. 3M accounts for approximately 1.6% of Ropes Wealth Advisors LLC’s investment portfolio, making the stock its 13th biggest position. Ropes Wealth Advisors LLC’s holdings in 3M were worth $6,466,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in MMM. Price Capital Management Inc. bought a new stake in 3M during the third quarter worth about $126,000. SRS Capital Advisors Inc. lifted its position in 3M by 1,652.8% during the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock worth $124,000 after purchasing an additional 595 shares during the period. Braun Bostich & Associates Inc. lifted its position in 3M by 221.7% during the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 481 shares during the period. Avestar Capital LLC lifted its position in 3M by 161.2% during the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock worth $130,000 after purchasing an additional 432 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in 3M during the second quarter worth about $149,000. Hedge funds and other institutional investors own 67.66% of the company’s stock.

MMM has been the subject of several recent analyst reports. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Monday, September 3rd. Morgan Stanley started coverage on shares of 3M in a report on Monday, August 20th. They issued an “equal weight” rating and a $212.00 target price for the company. UBS Group raised their price objective on shares of 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, August 30th. Gordon Haskett started coverage on shares of 3M in a report on Friday, October 12th. They issued a “buy” rating for the company. Finally, Deutsche Bank raised their price objective on shares of 3M from $210.00 to $220.00 and gave the company a “hold” rating in a report on Friday, September 28th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $225.23.

In other news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gregory R. Page acquired 1,000 shares of 3M stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $184.50 per share, with a total value of $184,500.00. Following the transaction, the director now owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. Corporate insiders own 0.58% of the company’s stock.

NYSE:MMM opened at $201.29 on Thursday. The company has a market cap of $113.72 billion, a price-to-earnings ratio of 21.95, a PEG ratio of 1.92 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. 3M Co has a fifty-two week low of $181.98 and a fifty-two week high of $259.77.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). The firm had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.33 EPS. On average, sell-side analysts expect that 3M Co will post 10.02 EPS for the current year.

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3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and 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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