Patrick M Sweeney & Associates Inc. Invests $489,000 in 3M (NYSE:MMM)

Patrick M Sweeney & Associates Inc. purchased a new position in 3M (NYSE:MMM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,472 shares of the conglomerate’s stock, valued at approximately $489,000.

Several other institutional investors have also recently made changes to their positions in the company. Fragasso Group Inc. increased its holdings in shares of 3M by 3.8% in the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after buying an additional 93 shares during the last quarter. Bangor Savings Bank increased its holdings in shares of 3M by 1.0% in the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after buying an additional 104 shares during the last quarter. Allen Capital Group LLC increased its holdings in shares of 3M by 0.5% in the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 105 shares during the last quarter. N.E.W. Advisory Services LLC grew its holdings in 3M by 4.0% during the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after purchasing an additional 111 shares during the last quarter. Finally, Money Concepts Capital Corp grew its holdings in 3M by 5.3% during the 3rd quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock valued at $210,000 after purchasing an additional 112 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Royal Bank of Canada upped their price target on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday, May 1st. Barclays cut their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. UBS Group upped their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Wells Fargo & Company dropped their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $103.70.

3M Trading Up 0.8 %

MMM stock traded up $0.81 during trading on Wednesday, reaching $96.35. 3,218,553 shares of the stock were exchanged, compared to its average volume of 5,841,229. 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 business has a 50 day moving average price of $96.30 and a 200-day moving average price of $97.84. 3M has a 1 year low of $71.12 and a 1 year high of $99.70. The firm has a market capitalization of $53.32 billion, a price-to-earnings ratio of -7.54, a P/E/G ratio of 1.79 and a beta of 1.00.

3M (NYSE:MMM) last issued its 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 negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same period in the previous year, the firm earned $1.97 earnings per share. On average, research analysts predict that 3M will post 7.23 earnings per share for the current year.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The shares were 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 $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is owned by insiders.

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.