Cincinnati Insurance Co. held its position in shares of 3M Co. (NYSE:MMM) during the third quarter, Holdings Channel reports. The firm owned 521,700 shares of the company’s stock at the end of the third quarter. 3M makes up approximately 3.0% of Cincinnati Insurance Co.’s portfolio, making the stock its 9th largest position. Cincinnati Insurance Co.’s holdings in 3M were worth $91,939,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Delphi Private Advisors LLC increased its position in shares of 3M by 0.4% in the second quarter. Delphi Private Advisors LLC now owns 909 shares of the company’s stock worth $159,000 after buying an additional 4 shares in the last quarter. Harwood Advisory Group LLC boosted its stake in 3M by 0.3% in the third quarter. Harwood Advisory Group LLC now owns 1,455 shares of the company’s stock worth $256,000 after buying an additional 4 shares during the last quarter. Landmark Financial Advisors LLC boosted its stake in 3M by 0.3% in the second quarter. Landmark Financial Advisors LLC now owns 1,868 shares of the company’s stock worth $327,000 after buying an additional 5 shares during the last quarter. Valley National Advisers Inc. boosted its stake in 3M by 0.3% in the second quarter. Valley National Advisers Inc. now owns 2,391 shares of the company’s stock worth $419,000 after buying an additional 7 shares during the last quarter. Finally, Gilman Hill Asset Management LLC boosted its stake in 3M by 0.3% in the second quarter. Gilman Hill Asset Management LLC now owns 2,440 shares of the company’s stock worth $427,000 after buying an additional 8 shares during the last quarter. 63.25% of the stock is owned by institutional investors and hedge funds.
Shares of 3M Co. (NYSE:MMM) opened at 178.49 on Thursday. The firm has a 50-day moving average of $176.95 and a 200 day moving average of $175.75. The company has a market cap of $107.36 billion, a price-to-earnings ratio of 22.51 and a beta of 1.05. 3M Co. has a 12 month low of $136.15 and a 12 month high of $182.27.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 25th. The company reported $2.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.14 by $0.01. 3M had a net margin of 16.40% and a return on equity of 42.27%. The company had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.72 billion. During the same period in the prior year, the firm posted $2.05 EPS. 3M’s revenue for the quarter was up .0% on a year-over-year basis. On average, analysts expect that 3M Co. will post $8.15 earnings per share for the current year.
A number of research firms have commented on MMM. RBC Capital Markets upgraded shares of 3M from an “underperform” rating to a “sector perform” rating and raised their price target for the stock from $155.00 to $171.00 in a report on Wednesday, December 7th. Vetr cut shares of 3M from a “hold” rating to a “sell” rating and set a $171.00 price target for the company. in a report on Thursday, December 22nd. Jefferies Group restated a “buy” rating and issued a $200.00 price target on shares of 3M in a report on Wednesday, December 14th. Stifel Nicolaus raised their price target on shares of 3M from $175.00 to $186.00 and gave the stock a “hold” rating in a report on Wednesday, December 14th. Finally, Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday, November 29th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. 3M has an average rating of “Hold” and a consensus target price of $174.50.
In related news, insider Julie L. Bushman sold 10,771 shares of the stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $166.71, for a total transaction of $1,795,633.41. Following the sale, the insider now directly owns 34,093 shares of the company’s stock, valued at approximately $5,683,644.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Eric D. Hammes sold 436 shares of the stock in a transaction dated Wednesday, December 7th. The shares were sold at an average price of $174.00, for a total transaction of $75,864.00. Following the sale, the vice president now directly owns 2,261 shares in the company, valued at $393,414. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
3M Company Profile
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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