Spinnaker Trust Lowers Position in 3M Co (NYSE:MMM)
Spinnaker Trust reduced its position in 3M Co (NYSE:MMM) by 0.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 582,315 shares of the conglomerate’s stock after selling 5,522 shares during the period. 3M accounts for about 10.1% of Spinnaker Trust’s portfolio, making the stock its largest position. Spinnaker Trust owned approximately 0.10% of 3M worth $100,937,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in MMM. Creative Financial Designs Inc. ADV boosted its stake in 3M by 202.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 101 shares in the last quarter. Weaver Consulting Group acquired a new stake in 3M in the 1st quarter worth approximately $32,000. Cordasco Financial Network boosted its stake in 3M by 220.0% in the 1st quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after purchasing an additional 110 shares in the last quarter. Capital Financial Planning LLC acquired a new stake in 3M in the 4th quarter worth approximately $34,000. Finally, Lake Point Wealth Management acquired a new stake in 3M in the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 66.84% of the company’s stock.
NYSE MMM traded up $2.94 on Monday, hitting $176.92. 83,110 shares of the company’s stock traded hands, compared to its average volume of 2,747,370. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.47. 3M Co has a 1-year low of $159.32 and a 1-year high of $219.75. The stock’s 50-day moving average price is $171.73. The firm has a market cap of $100.29 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 1.83 and a beta of 1.09.
A number of analysts recently commented on MMM shares. UBS Group reiterated a “buy” rating on shares of Linde in a research note on Friday, July 12th. Gordon Haskett cut shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price objective for the company. in a research note on Monday, April 29th. Citigroup upgraded shares of Atara Biotherapeutics from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $23.00 to $24.00 in a research note on Monday, June 3rd. Morgan Stanley lifted their price objective on shares of Zimmer Biomet from $143.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Credit Suisse Group set a €59.00 ($68.60) price objective on shares of Renault and gave the company a “neutral” rating in a research note on Friday. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. 3M has an average rating of “Hold” and an average target price of $182.77.
In other news, Director David B. Dillon bought 1,200 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was purchased at an average cost of $169.50 per share, with a total value of $203,400.00. Following the acquisition, the director now directly owns 1,200 shares in the company, valued at $203,400. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory R. Page bought 1,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were purchased at an average cost of $179.60 per share, with a total value of $179,600.00. Following the completion of the acquisition, the director now owns 3,000 shares in the company, valued at $538,800. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 3,200 shares of company stock valued at $559,260. Insiders own 0.83% of the company’s stock.
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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