3M Co (NYSE:MMM) Holdings Reduced by Valeo Financial Advisors LLC
Valeo Financial Advisors LLC cut its stake in shares of 3M Co (NYSE:MMM) by 21.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,141 shares of the conglomerate’s stock after selling 1,415 shares during the period. Valeo Financial Advisors LLC’s holdings in 3M were worth $1,027,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in MMM. Thrivent Financial for Lutherans boosted its position in 3M by 5.7% during the 1st quarter. Thrivent Financial for Lutherans now owns 30,582 shares of the conglomerate’s stock worth $6,714,000 after purchasing an additional 1,637 shares during the period. Federated Investors Inc. PA boosted its position in 3M by 23.2% during the 1st quarter. Federated Investors Inc. PA now owns 14,447 shares of the conglomerate’s stock worth $3,172,000 after purchasing an additional 2,721 shares during the period. BTC Capital Management Inc. boosted its position in 3M by 59.0% during the 1st quarter. BTC Capital Management Inc. now owns 1,383 shares of the conglomerate’s stock worth $303,000 after purchasing an additional 513 shares during the period. Gamco Investors INC. ET AL boosted its position in 3M by 2.9% during the 1st quarter. Gamco Investors INC. ET AL now owns 10,543 shares of the conglomerate’s stock worth $2,314,000 after purchasing an additional 301 shares during the period. Finally, Cidel Asset Management Inc. purchased a new stake in 3M during the 1st quarter worth $224,000. 66.98% of the stock is owned by institutional investors.
A number of analysts recently weighed in on MMM shares. Deutsche Bank upped their price target on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research report on Friday, September 28th. ValuEngine lowered shares of 3M from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Friday, October 5th. Barclays cut their price objective on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a report on Wednesday, July 25th. Finally, Credit Suisse Group initiated coverage on shares of 3M in a report on Friday. They issued an “outperform” rating and a $228.00 price objective on the stock. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $233.79.
Shares of 3M stock traded up $1.50 during trading on Friday, reaching $198.23. The company had a trading volume of 2,765,881 shares, compared to its average volume of 2,568,672. The firm has a market cap of $123.61 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 2.02 and a beta of 1.15. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.56. 3M Co has a fifty-two week low of $190.57 and a fifty-two week high of $259.77.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.01. The business had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.36 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.58 EPS. On average, equities analysts predict that 3M Co will post 10.28 earnings per share for the current year.
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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