Hemenway Trust Co buys $12.4 Million stake in 3M Co (MMM)

3M Co (MMM) : Hemenway Trust Co scooped up 1,568 additional shares in 3M Co during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 27, 2016. The investment management firm now holds a total of 73,495 shares of 3M Co which is valued at $12.4 Million.3M Co makes up approximately 3.35% of Hemenway Trust Co’s portfolio.

Other Hedge Funds, Including , Puzo Michael J boosted its stake in MMM in the latest quarter, The investment management firm added 1,675 additional shares and now holds a total of 39,352 shares of 3M Co which is valued at $6.6 Million. 3M Co makes up approx 4.41% of Puzo Michael J’s portfolio.Becker Capital Management Inc boosted its stake in MMM in the latest quarter, The investment management firm added 262 additional shares and now holds a total of 231,305 shares of 3M Co which is valued at $39.1 Million. 3M Co makes up approx 1.63% of Becker Capital Management Inc’s portfolio.Pictet Asset Management Ltd boosted its stake in MMM in the latest quarter, The investment management firm added 76,355 additional shares and now holds a total of 880,363 shares of 3M Co which is valued at $148.2 Million. 3M Co makes up approx 0.62% of Pictet Asset Management Ltd’s portfolio.Schnieders Capital Management reduced its stake in MMM by selling 615 shares or 4.72% in the most recent quarter. The Hedge Fund company now holds 12,422 shares of MMM which is valued at $2.1 Million. 3M Co makes up approx 1.24% of Schnieders Capital Management’s portfolio.Signaturefd boosted its stake in MMM in the latest quarter, The investment management firm added 608 additional shares and now holds a total of 3,083 shares of 3M Co which is valued at $518,931. 3M Co makes up approx 0.09% of Signaturefd’s portfolio.

3M Co opened for trading at $170.25 and hit $171.49 on the upside on Tuesday, eventually ending the session at $170.91, with a gain of 0.49% or 0.83 points. The heightened volatility saw the trading volume jump to 17,23,101 shares. Company has a market cap of $103,659 M.

On the company’s financial health, 3M Co reported $1.95 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $1.92. The company had revenue of $7409.00 million for the quarter, compared to analysts expectations of $7326.17 million. The company’s revenue was down -2.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.85 EPS.

Many Wall Street Analysts have commented on 3M Co. Company shares were Reiterated by Jefferies on Apr 12, 2016 to “Buy”, Firm has raised the Price Target to $ 187 from a previous price target of $175 .Company shares were Reiterated by UBS on Mar 30, 2016 to “Buy”, Firm has raised the Price Target to $ 190 from a previous price target of $170 .

3M Company is a diversified technology company. The Company operates in five business segments: Industrial which serves a range of markets such as automotive original equipment manufacturer (OEM) and automotive aftermarket electronics appliance paper and printing packaging food and beverage and construction; Safety and Graphics which serves a range of markets for the safety security and productivity of people facilities and systems; Electronics and Energy which serves customers in electronics and energy markets including solutions for electronic devices telecommunications networks electrical products power generation and distribution and infrastructure protection; Health Care which serves markets that include medical clinics and hospitals pharmaceuticals dental and orthodontic practitioners and health information systems and Consumer which serves markets that include consumer retail office retail home improvement building maintenance and other markets.

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