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3M Company (NYSE:MMM) Shares Bought by HighTower Advisors LLC

3M logo with Multi-Sector Conglomerates background

Key Points

  • HighTower Advisors LLC increased its stake in 3M Company by 4.1% in the first quarter, owning 489,624 shares valued at approximately $71.91 million.
  • Analysts have set a consensus price target for 3M at $158.10, with ratings ranging from "sell" to "buy" based on various evaluations.
  • 3M's recent earnings report showed an EPS of $2.16, surpassing analysts' expectations, and a year-over-year revenue growth of 1.4% to $6.16 billion.
  • Looking to export and analyze 3M data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

HighTower Advisors LLC grew its holdings in 3M Company (NYSE:MMM - Free Report) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 489,624 shares of the conglomerate's stock after acquiring an additional 19,188 shares during the period. HighTower Advisors LLC owned about 0.09% of 3M worth $71,906,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. REAP Financial Group LLC lifted its position in shares of 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares in the last quarter. Pinney & Scofield Inc. purchased a new stake in shares of 3M in the fourth quarter worth about $28,000. Curat Global LLC purchased a new stake in shares of 3M in the first quarter worth about $29,000. Intelligent Financial Strategies purchased a new stake in shares of 3M in the first quarter worth about $42,000. Finally, Investment Management Corp VA ADV raised its position in 3M by 173.6% during the first quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock valued at $44,000 after purchasing an additional 191 shares during the period. Institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MMM shares. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Thursday. Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Royal Bank Of Canada increased their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Citigroup increased their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, 3M currently has an average rating of "Hold" and a consensus price target of $158.10.

Read Our Latest Analysis on 3M

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. This trade represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,401 shares of company stock valued at $2,600,803 over the last quarter. 0.34% of the stock is owned by company insiders.

3M Trading Down 2.8%

NYSE:MMM traded down $4.39 during trading hours on Friday, hitting $152.26. The company had a trading volume of 3,921,103 shares, compared to its average volume of 3,875,243. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The company has a 50-day moving average of $150.84 and a 200 day moving average of $147.19. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The company has a market cap of $81.10 billion, a P/E ratio of 21.18, a P/E/G ratio of 3.10 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. The firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.93 EPS. Sell-side analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Company Profile

(Free Report)

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.

See Also

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

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