Breed s Hill Capital LLC Makes New Investment in 3M (NYSE:MMM)

Breed s Hill Capital LLC acquired a new stake in 3M (NYSE:MMM) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 2,525 shares of the conglomerate’s stock, valued at approximately $276,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in 3M by 15.4% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock valued at $10,391,000 after purchasing an additional 14,775 shares during the last quarter. Shoker Investment Counsel Inc. grew its holdings in 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after buying an additional 5,561 shares in the last quarter. MWA Asset Management bought a new position in 3M during the 4th quarter valued at $1,723,000. Diversified Trust Co boosted its holdings in 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after acquiring an additional 263 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of 3M in the 3rd quarter worth $11,908,000. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

MMM traded up $0.99 during trading on Thursday, reaching $97.34. 2,583,791 shares of the company were exchanged, compared to its average volume of 5,808,023. 3M has a 12-month low of $71.12 and a 12-month high of $99.70. The company has a market cap of $53.86 billion, a price-to-earnings ratio of -7.65, a P/E/G ratio of 1.79 and a beta of 1.00. 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 company’s 50-day moving average is $96.40 and its two-hundred day moving average is $97.83.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the prior year, the firm posted $1.97 earnings per share. Research analysts forecast that 3M will post 7.23 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on MMM. Citigroup upped their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Royal Bank of Canada lifted 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. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their price target for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Bank of America decreased their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. Finally, StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $103.70.

Insiders Place Their Bets

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 transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.38% of the company’s stock.

3M Company 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.