Hamilton Point Investment Advisors LLC Grows Position in 3M Co (NYSE:MMM)
Hamilton Point Investment Advisors LLC raised its holdings in 3M Co (NYSE:MMM) by 1.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 12,823 shares of the conglomerate’s stock after acquiring an additional 197 shares during the quarter. Hamilton Point Investment Advisors LLC’s holdings in 3M were worth $2,223,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the business. Northern Trust Corp grew its position in 3M by 2.4% during the 4th quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock worth $1,526,587,000 after acquiring an additional 186,257 shares during the last quarter. Geode Capital Management LLC grew its position in 3M by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after acquiring an additional 353,754 shares during the last quarter. Norges Bank bought a new position in 3M during the 4th quarter worth approximately $918,305,000. Legal & General Group Plc grew its position in 3M by 6.4% during the 4th quarter. Legal & General Group Plc now owns 2,853,554 shares of the conglomerate’s stock worth $543,682,000 after acquiring an additional 171,980 shares during the last quarter. Finally, Ronna Sue Cohen grew its position in 3M by 20,703.2% during the 1st quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock worth $2,685,000 after acquiring an additional 2,672,577 shares during the last quarter. 66.84% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on MMM shares. Gordon Haskett lowered 3M from a “buy” rating to a “hold” rating and set a $191.98 price target on the stock. in a research report on Monday, April 29th. Royal Bank of Canada set a $179.00 price target on 3M and gave the stock a “hold” rating in a research report on Friday. Deutsche Bank raised their price target on Rockwell Automation from $173.00 to $186.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. Barclays restated a “hold” rating and set a $23.00 price target on shares of Cypress Semiconductor in a research report on Thursday, June 6th. Finally, JPMorgan Chase & Co. set a $195.00 price target on bluebird bio and gave the stock a “buy” rating in a research report on Friday, May 17th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $182.77.
3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. 3M had a return on equity of 55.05% and a net margin of 15.27%. The business’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the company earned $2.59 EPS. On average, research analysts forecast that 3M Co will post 9.35 EPS for the current fiscal year.
In other news, insider Joaquin Delgado sold 5,400 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $169.68, for a total value of $916,272.00. Following the completion of the transaction, the insider now owns 28,092 shares in the company, valued at approximately $4,766,650.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gregory R. Page bought 1,000 shares of the stock in a transaction dated Thursday, May 9th. The stock was purchased at an average price of $176.26 per share, with a total value of $176,260.00. Following the purchase, the director now owns 4,000 shares in the company, valued at $705,040. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 3,200 shares of company stock worth $559,260. Corporate insiders own 0.83% of the company’s stock.
3M Company Profile
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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