Ascentis Wealth Management Doubles Down on 3M with Massive Share Purchase
Ascentis Wealth Management LLC significantly increased its holdings in 3M Company (NYSE:MMM) during the second quarter, according to a recent SEC filing. The company's stake in 3M rose by an impressive 22,972.5% after it purchased an additional 345,966 shares.
The firm now owns approximately 347,472 shares of 3M stock, which is valued at around $56 million. This represents about 0.07% of the company's total outstanding shares.
Other hedge funds have also made significant changes to their holdings in 3M during this period. Commonwealth Retirement Investments LLC and EQ Wealth Advisors LLC purchased new stakes in the company worth $28,000 and $40,000, respectively.
The overall market value of 3M is around $94 billion, with a price-to-earnings ratio of 32.44 and a debt-to-equity ratio of 3.63. The company's stock has a 52-week high of $184.90 and a low of $139.34.