Taylor Hoffman Wealth Management Lowers Position in 3M Co (NYSE:MMM)

Taylor Hoffman Wealth Management cut its stake in 3M Co (NYSE:MMM) by 2.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,279 shares of the conglomerate’s stock after selling 268 shares during the period. 3M accounts for approximately 1.1% of Taylor Hoffman Wealth Management’s portfolio, making the stock its 27th largest position. Taylor Hoffman Wealth Management’s holdings in 3M were worth $1,525,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of MMM. Park National Corp OH grew its position in shares of 3M by 6.0% during the 2nd quarter. Park National Corp OH now owns 192,590 shares of the conglomerate’s stock valued at $33,383,000 after acquiring an additional 10,852 shares during the period. Pensionfund DSM Netherlands lifted its position in 3M by 10.7% during the second quarter. Pensionfund DSM Netherlands now owns 21,700 shares of the conglomerate’s stock valued at $3,761,000 after acquiring an additional 2,100 shares during the last quarter. Pensionfund Sabic lifted its position in 3M by 8.3% during the second quarter. Pensionfund Sabic now owns 14,400 shares of the conglomerate’s stock valued at $2,496,000 after acquiring an additional 1,100 shares during the last quarter. Fulton Bank N.A. lifted its position in 3M by 4.0% during the second quarter. Fulton Bank N.A. now owns 17,665 shares of the conglomerate’s stock valued at $3,062,000 after acquiring an additional 672 shares during the last quarter. Finally, Silverleafe Capital Partners LLC purchased a new stake in 3M during the second quarter valued at approximately $520,000. Institutional investors and hedge funds own 66.69% of the company’s stock.

Shares of NYSE MMM traded down $1.37 during midday trading on Friday, reaching $173.15. The company had a trading volume of 1,573,472 shares, compared to its average volume of 2,790,791. The business’s 50-day simple moving average is $163.83 and its 200 day simple moving average is $169.15. The stock has a market cap of $100.79 billion, a P/E ratio of 16.55, a P/E/G ratio of 2.03 and a beta of 1.10. 3M Co has a 1 year low of $150.58 and a 1 year high of $219.75. The company has a current ratio of 2.30, a quick ratio of 1.79 and a debt-to-equity ratio of 1.68.

3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, October 24th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.49 by $0.09. 3M had a net margin of 15.48% and a return on equity of 54.02%. The business had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter last year, the company posted $2.58 earnings per share. The business’s quarterly revenue was down 2.0% on a year-over-year basis. Analysts predict that 3M Co will post 9.09 earnings per share for the current year.

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In other 3M news, EVP Khandpur K. Ashish sold 3,362 shares of 3M stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $174.20, for a total transaction of $585,660.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Eric D. Hammes sold 1,341 shares of 3M stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total transaction of $233,669.25. The disclosure for this sale can be found here. 0.83% of the stock is owned by insiders.

A number of equities research analysts recently commented on the stock. Barclays decreased their target price on shares of 3M from $158.00 to $157.00 and set an “underweight” rating for the company in a research report on Monday, October 28th. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating and set a $166.00 target price for the company. in a research report on Monday, October 14th. Citigroup decreased their target price on shares of 3M from $197.00 to $180.00 and set a “buy” rating for the company in a research report on Tuesday, October 15th. JPMorgan Chase & Co. increased their target price on shares of 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research report on Thursday, October 10th. Finally, Morgan Stanley decreased their price target on shares of 3M from $173.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. 3M has a consensus rating of “Hold” and an average price target of $174.08.

3M 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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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