3M (NYSE:MMM) Shares Purchased by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of 3M (NYSE:MMM) by 3.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,161 shares of the conglomerate’s stock after buying an additional 123 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in 3M were worth $455,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in 3M by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after buying an additional 317,483 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of 3M by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after buying an additional 43,732 shares during the period. Invesco Ltd. grew its holdings in shares of 3M by 2.4% during the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after purchasing an additional 94,864 shares during the period. Nuance Investments LLC raised its stake in shares of 3M by 10.1% in the 3rd quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock valued at $380,337,000 after acquiring an additional 371,935 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in 3M by 1,273.9% in the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

3M stock traded up $0.60 during trading hours on Thursday, hitting $96.95. 1,099,167 shares of the company traded hands, compared to its average volume of 5,790,712. 3M has a 1-year low of $71.12 and a 1-year high of $99.70. The firm has a market cap of $53.65 billion, a P/E ratio of -7.59, a P/E/G ratio of 1.79 and a beta of 1.00. The firm’s 50-day simple moving average is $96.30 and its two-hundred day simple moving average is $97.84. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

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

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MMM. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and raised their target price for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 25th. Royal Bank of Canada raised their price objective on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. Barclays cut their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Finally, Bank of America cut their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $103.70.

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.