3M Co (MMM) Stake Decreased by Financial Advocates Investment Management

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Financial Advocates Investment Management cut its holdings in 3M Co (NYSE:MMM) by 12.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,224 shares of the conglomerate’s stock after selling 439 shares during the period. Financial Advocates Investment Management’s holdings in 3M were worth $291,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in 3M by 3.0% in the 4th quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock valued at $7,435,433,000 after purchasing an additional 1,152,714 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in 3M by 17,350.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock valued at $141,000 after purchasing an additional 26,742,875 shares in the last quarter. Northern Trust Corp lifted its holdings in 3M by 2.4% in the 4th quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock valued at $1,526,587,000 after purchasing an additional 186,257 shares in the last quarter. Geode Capital Management LLC lifted its holdings in 3M by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in 3M by 11.9% in the 3rd quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock valued at $851,879,000 after purchasing an additional 430,262 shares in the last quarter. Institutional investors and hedge funds own 67.20% of the company’s stock.

A number of research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Morgan Stanley reduced their target price on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating on the stock in a report on Friday, March 22nd. Credit Suisse Group restated an “outperform” rating and issued a $220.00 target price (down from $230.00) on shares of 3M in a report on Thursday, January 3rd. Barclays reduced their target price on shares of 3M from $189.00 to $188.00 and set an “underweight” rating on the stock in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. reduced their target price on shares of 3M from $158.00 to $154.00 and set an “underweight” rating on the stock in a report on Friday, March 29th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $205.50.

In other news, EVP Joaquin Delgado sold 4,897 shares of the stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $207.30, for a total transaction of $1,015,148.10. Following the transaction, the executive vice president now directly owns 23,191 shares in the company, valued at approximately $4,807,494.30. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Nicholas C. Gangestad sold 4,681 shares of the stock in a transaction dated Thursday, February 7th. The stock was sold at an average price of $201.34, for a total transaction of $942,472.54. Following the transaction, the chief financial officer now owns 33,691 shares in the company, valued at $6,783,345.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 77,414 shares of company stock worth $15,553,682. Insiders own 0.83% of the company’s stock.

Shares of MMM stock opened at $218.88 on Friday. The stock has a market cap of $126.03 billion, a PE ratio of 20.93, a P/E/G ratio of 2.02 and a beta of 1.05. 3M Co has a 1-year low of $176.87 and a 1-year high of $220.28. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.29 and a current ratio of 1.89.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.28 by $0.03. The business had revenue of $7.95 billion for the quarter, compared to analyst estimates of $7.87 billion. 3M had a net margin of 16.33% and a return on equity of 57.70%. The company’s revenue was down .6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.10 EPS. Analysts forecast that 3M Co will post 10.51 earnings per share for the current fiscal year.

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About 3M

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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