Peddock Capital Advisors LLC Grows Holdings in 3M (NYSE:MMM)

Peddock Capital Advisors LLC lifted its stake in shares of 3M (NYSE:MMM) by 36.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 5,930 shares of the conglomerate’s stock after acquiring an additional 1,580 shares during the period. Peddock Capital Advisors LLC’s holdings in 3M were worth $648,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings 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 buying an additional 14,775 shares during the last quarter. Shoker Investment Counsel Inc. increased its holdings in 3M by 49.7% during the 3rd quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock valued at $1,568,000 after purchasing an additional 5,561 shares during the period. MWA Asset Management bought a new position in 3M during the 4th quarter valued at approximately $1,723,000. Diversified Trust Co lifted its holdings in 3M by 1.4% in the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after buying an additional 263 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in shares of 3M in the 3rd quarter worth approximately $11,908,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Citigroup raised their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Royal Bank of Canada boosted their price target on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. Wells Fargo & Company reduced their price target on 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, Barclays decreased their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $103.70.

3M Trading Up 0.4 %

MMM stock traded up $0.41 during mid-day trading on Wednesday, reaching $95.95. 1,742,559 shares of the stock traded hands, compared to its average volume of 5,823,832. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The business has a 50-day moving average price of $96.30 and a two-hundred day moving average price of $97.84. 3M has a one year low of $71.12 and a one year high of $99.70. The stock has a market capitalization of $53.09 billion, a PE ratio of -7.54, a PEG ratio of 1.79 and a beta of 1.00.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter in the previous year, the firm earned $1.97 earnings per share. Equities research analysts expect that 3M will post 7.23 EPS for the current year.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were 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 directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.38% of the stock is owned by corporate insiders.

About 3M

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.