Charles Schwab Investment Management Inc. Raises Holdings in 3M (NYSE:MMM)

Charles Schwab Investment Management Inc. grew its position in shares of 3M (NYSE:MMM) by 0.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,080,578 shares of the conglomerate’s stock after purchasing an additional 43,732 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in 3M were worth $1,320,649,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in MMM. Briaud Financial Planning Inc purchased a new position in shares of 3M during the third quarter worth about $35,000. Authentikos Wealth Advisory LLC purchased a new position in shares of 3M in the 3rd quarter valued at approximately $37,000. CGC Financial Services LLC increased its holdings in shares of 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares during the period. VisionPoint Advisory Group LLC lifted its holdings in shares of 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 215 shares during the period. Finally, Psagot Value Holdings Ltd. Israel purchased a new position in 3M in the 3rd quarter valued at $44,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM traded up $0.09 during trading hours on Wednesday, reaching $95.63. 1,385,055 shares of the company traded hands, compared to its average volume of 5,820,247. The stock has a market capitalization of $52.92 billion, a PE ratio of -7.54, a price-to-earnings-growth ratio of 1.79 and a beta of 1.00. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $99.70. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The stock has a fifty day simple moving average of $96.30 and a 200 day simple moving average of $97.84.

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

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on MMM. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. Barclays reduced their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Royal Bank of Canada increased their target price on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. Wells Fargo & Company reduced their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Finally, StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, 3M presently has a consensus rating of “Hold” and an average price target of $103.70.

3M 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.