Patrick M Sweeney & Associates Inc. Buys New Holdings in 3M (NYSE:MMM)

Patrick M Sweeney & Associates Inc. bought a new stake in 3M (NYSE:MMM) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,472 shares of the conglomerate’s stock, valued at approximately $489,000.

A number of other large investors have also modified their holdings of MMM. Pacer Advisors Inc. raised its stake in 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 acquiring an additional 3,508,334 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in 3M by 157.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock valued at $197,377,000 after acquiring an additional 1,103,459 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in 3M by 8,766.0% in the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after acquiring an additional 1,068,748 shares during the last quarter. Van ECK Associates Corp boosted its holdings in 3M by 20.8% during the third quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock worth $275,630,000 after buying an additional 506,654 shares during the last quarter. Finally, FMR LLC boosted its holdings in 3M by 29.8% during the third quarter. FMR LLC now owns 1,908,914 shares of the conglomerate’s stock worth $178,713,000 after buying an additional 438,424 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 3M

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

3M Price Performance

NYSE MMM traded up $0.81 during midday trading on Wednesday, hitting $96.35. The company had a trading volume of 3,218,553 shares, compared to its average volume of 5,841,229. The company has a market capitalization of $53.32 billion, a PE ratio of -7.54, a P/E/G ratio of 1.79 and a beta of 1.00. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The firm has a 50-day moving average price of $96.30 and a 200-day moving average price of $97.84. 3M has a twelve month low of $71.12 and a twelve month high of $99.70.

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

Analysts Set New Price Targets

MMM has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Bank of America dropped their price target on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Finally, UBS Group lifted their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, 3M has an average rating of “Hold” and an average target price of $103.70.

3M 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.