Perkins Coie Trust Company increased its stake in 3M Co (NYSE:MMM) by 657.02% based on its latest 2016Q2 regulatory filing with the SEC. Perkins Coie Trust Company bought 25,637 shares as the company’s stock rose 13.49% with the market. The institutional investor held 29,539 shares of the medical and dental instruments company at the end of 2016Q2, valued at $4.92M, up from 3,902 at the end of the previous reported quarter. Perkins Coie Trust Company who had been investing in 3M Co for a number of months, seems to be bullish on the $108.13B market cap company. The stock is down 0.99% or $1.76 hitting $176.44, despite the positive news. About 701,587 shares traded hands. 3M Co (NYSE:MMM) has risen 15.72% since February 8, 2016 and is uptrending. It has underperformed by 0.76% the S&P500.
The institutional sentiment decreased to 0.78 in 2016 Q2. Its down 0.18, from 0.96 in 2016Q1. The ratio dropped, as 60 funds sold all MMM shares owned while 594 reduced positions. 48 funds bought stakes while 464 increased positions. They now own 386.81 million shares or 1.17% less from 391.41 million shares in 2016Q1.
Parsons Capital Management Inc Ri holds 7.92% of its portfolio in MMM for 346,639 shares. Carlson Capital Management owns 99,650 shares or 6.28% of their US portfolio. Moreover, Minneapolis Portfolio Management Group Llc has 5.92% invested in the company for 187,756 shares. The Missouri-based Bush Odonnell Investment Advisors Inc has invested 5.77% in the stock. Fundsmith Llp, a United Kingdom-based fund reported 1.94 million shares.
Out of 9 analysts covering 3M Company (NYSE:MMM), 4 rate it a “Buy”, 2 “Sell”, while 3 “Hold”. This means 44% are positive. $191 is the highest target while $135 is the lowest. The $166.73 average target is -5.50% below today’s ($176.44) stock price. 3M Company has been the topic of 23 analyst reports since September 21, 2015 according to StockzIntelligence Inc. Citigroup maintained the stock on April 19 with “Buy” rating. Credit Suisse maintained it with “Outperform” rating and $175 target price in a March 15 report. Bernstein maintained the shares of MMM in a report on March 30 with “Market Perform” rating. RBC Capital Markets maintained the firm’s rating on December 16. RBC Capital Markets has “Underperform” rating and $136 price target. Lastly, Morgan Stanley maintained the stock with “Underweight” rating in a March 30 report.
3M Company is a technology company. The Firm operates through five divisions. The company has a market cap of $108.13 billion. The Company’s Industrial segment serves markets, such as automotive original equipment maker and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. It has a 22.49 P/E ratio. The Company’s Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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