Fisher Asset Management LLC Has $4.71 Million Position in 3M (NYSE:MMM)

Fisher Asset Management LLC cut its holdings in shares of 3M (NYSE:MMM) by 20.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,124 shares of the conglomerate’s stock after selling 10,827 shares during the period. Fisher Asset Management LLC’s holdings in 3M were worth $4,714,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CGC Financial Services LLC grew its position in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after purchasing an additional 160 shares in the last quarter. Briaud Financial Planning Inc bought a new position in 3M in the 3rd quarter valued at $35,000. Authentikos Wealth Advisory LLC bought a new stake in shares of 3M during the 3rd quarter worth $37,000. VisionPoint Advisory Group LLC boosted its holdings in shares of 3M by 91.9% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after buying an additional 215 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel purchased a new stake in 3M during the third quarter worth about $44,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of research reports. Mizuho reissued a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. UBS Group raised their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Citigroup increased their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Wells Fargo & Company lowered their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada increased their target price on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $103.70.

3M Price Performance

Shares of NYSE:MMM opened at $95.55 on Wednesday. 3M has a 12 month low of $71.12 and a 12 month high of $99.70. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The stock has a market cap of $52.87 billion, a P/E ratio of -7.51, a P/E/G ratio of 1.79 and a beta of 1.00. The company has a 50 day moving average of $96.30 and a 200 day moving average of $97.84.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the prior year, the firm posted $1.97 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.23 EPS for the current fiscal year.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.38% of the company’s stock.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.