Bank of America Corp DE Purchases 172,815 Shares of 3M (NYSE:MMM)

Bank of America Corp DE increased its position in 3M (NYSE:MMM - Free Report) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,270,238 shares of the conglomerate's stock after purchasing an additional 172,815 shares during the period. Bank of America Corp DE owned approximately 0.79% of 3M worth $551,245,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Wayfinding Financial LLC acquired a new position in shares of 3M during the fourth quarter valued at about $851,000. Franklin Resources Inc. increased its holdings in 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock worth $114,770,000 after purchasing an additional 178,450 shares in the last quarter. Meyer Handelman Co. raised its stake in shares of 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after purchasing an additional 2,678 shares during the last quarter. USA Financial Formulas bought a new position in shares of 3M in the fourth quarter valued at approximately $816,000. Finally, Braun Stacey Associates Inc. boosted its position in shares of 3M by 18.4% during the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock valued at $18,408,000 after buying an additional 22,203 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Down 0.9 %

MMM stock opened at $140.78 on Tuesday. 3M has a twelve month low of $95.01 and a twelve month high of $156.35. The firm has a market capitalization of $75.77 billion, a PE ratio of 18.65, a PEG ratio of 3.30 and a beta of 1.01. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The stock has a 50-day simple moving average of $142.20 and a two-hundred day simple moving average of $138.42.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, equities analysts predict that 3M will post 7.8 EPS for the current fiscal year.

Analyst Ratings Changes

MMM has been the topic of several recent analyst reports. Citigroup dropped their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Thursday, April 24th. JPMorgan Chase & Co. dropped their price target on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Finally, Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $147.00.

3M Company Profile

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.

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