Symphony Financial Ltd. Co. Buys New Position in 3M (NYSE:MMM)


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Symphony Financial Ltd. Co. bought a new stake in shares of 3M (NYSE:MMM) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 1,296 shares of the conglomerate’s stock, valued at approximately $223,000.

A number of other institutional investors have also recently bought and sold shares of MMM. Newport Trust Co acquired a new position in 3M in the 3rd quarter valued at approximately $1,757,156,000. BlackRock Inc. raised its holdings in shares of 3M by 3.6% in the 3rd quarter. BlackRock Inc. now owns 38,855,440 shares of the conglomerate’s stock worth $6,223,864,000 after buying an additional 1,336,336 shares in the last quarter. FMR LLC raised its holdings in shares of 3M by 28.4% in the 2nd quarter. FMR LLC now owns 2,983,238 shares of the conglomerate’s stock worth $465,355,000 after buying an additional 659,549 shares in the last quarter. Fisher Asset Management LLC increased its holdings in 3M by 5.9% during the 3rd quarter. Fisher Asset Management LLC now owns 4,688,554 shares of the conglomerate’s stock valued at $751,013,000 after purchasing an additional 259,324 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in 3M by 36.0% during the 3rd quarter. AQR Capital Management LLC now owns 904,666 shares of the conglomerate’s stock valued at $144,909,000 after purchasing an additional 239,446 shares in the last quarter. 61.08% of the stock is owned by hedge funds and other institutional investors.

Shares of MMM stock opened at $166.28 on Thursday. 3M has a 1 year low of $114.04 and a 1 year high of $182.54. The stock has a market cap of $95.91 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 2.13 and a beta of 0.93. The company has a current ratio of 1.90, a quick ratio of 1.37 and a debt-to-equity ratio of 1.54. The stock has a 50 day simple moving average of $173.20 and a 200 day simple moving average of $165.46.

3M (NYSE:MMM) last announced its quarterly earnings data on Sunday, November 1st. The conglomerate reported $2.43 EPS for the quarter, beating the consensus estimate of $2.26 by $0.17. The business had revenue of $8.35 billion during the quarter, compared to the consensus estimate of $8.38 billion. 3M had a net margin of 15.65% and a return on equity of 44.77%. The company’s revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.58 earnings per share. Analysts forecast that 3M will post 8.61 EPS for the current year.

In other 3M news, SVP Ivan K. Fong sold 15,073 shares of the company’s stock in a transaction on Monday, November 16th. The shares were sold at an average price of $172.62, for a total transaction of $2,601,901.26. Following the sale, the senior vice president now owns 47,886 shares of the company’s stock, valued at $8,266,081.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey R. Lavers sold 6,219 shares of the company’s stock in a transaction on Tuesday, December 8th. The shares were sold at an average price of $172.09, for a total transaction of $1,070,227.71. Following the sale, the executive vice president now directly owns 10,643 shares in the company, valued at approximately $1,831,553.87. The disclosure for this sale can be found here. Insiders have sold 27,052 shares of company stock valued at $4,688,423 over the last quarter. Company insiders own 0.42% of the company’s stock.

A number of research analysts have commented on MMM shares. Gordon Haskett upgraded 3M from an “underperform” rating to a “hold” rating and set a $170.00 price objective on the stock in a research report on Wednesday, October 7th. Credit Suisse Group raised their price target on 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. TheStreet raised 3M from a “c+” rating to a “b” rating in a research note on Tuesday, October 27th. William Blair reaffirmed a “market perform” rating on shares of 3M in a research note on Tuesday, October 27th. Finally, Morgan Stanley lifted their price target on 3M from $176.00 to $188.00 and gave the company an “equal weight” rating in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $173.00.

About 3M

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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

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