Breed s Hill Capital LLC Buys New Stake in 3M (NYSE:MMM)

Breed s Hill Capital LLC acquired a new stake in 3M (NYSE:MMM) in the 4th quarter, Holdings Channel reports. The fund acquired 2,525 shares of the conglomerate’s stock, valued at approximately $276,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in shares of 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in 3M by 157.2% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after purchasing an additional 1,103,459 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in 3M by 8,766.0% in the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after purchasing an additional 1,068,748 shares in the last quarter. Van ECK Associates Corp increased its position in 3M by 20.8% during the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock worth $275,630,000 after purchasing an additional 506,654 shares during the period. Finally, FMR LLC raised its position in 3M by 29.8% in the third quarter. FMR LLC now owns 1,908,914 shares of the conglomerate’s stock worth $178,713,000 after acquiring an additional 438,424 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.38% of the stock is owned by insiders.

3M Trading Up 1.0 %

MMM stock traded up $0.99 during midday trading on Thursday, hitting $97.34. The stock had a trading volume of 2,583,791 shares, 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 firm has a market cap of $53.86 billion, a PE ratio of -7.65, a price-to-earnings-growth ratio of 1.79 and a beta of 1.00. The company’s 50-day moving average price is $96.40 and its 200 day moving average price is $97.83. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27.

3M (NYSE:MMM) last released its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating the consensus estimate of $2.10 by $0.29. The firm had revenue of $8 billion during 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 prior year, the firm posted $1.97 earnings per share. On average, equities research analysts predict that 3M will post 7.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on MMM. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 25th. Royal Bank of Canada boosted their price target 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. raised 3M from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. Citigroup raised their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Finally, Bank of America dropped their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, 3M has an average rating of “Hold” and a consensus target price of $103.70.

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.