Bayesian Capital Management LP Makes New Investment in 3M (NYSE:MMM)

Bayesian Capital Management LP bought a new position in shares of 3M (NYSE:MMM - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 36,499 shares of the conglomerate's stock, valued at approximately $4,712,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Financial Life Planners acquired a new position in 3M during the fourth quarter worth $25,000. Proficio Capital Partners LLC bought a new stake in 3M during the 4th quarter worth approximately $26,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of 3M in the fourth quarter worth approximately $27,000. Daymark Wealth Partners LLC lifted its holdings in shares of 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 19,552 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after buying an additional 214 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Down 1.9 %

Shares of MMM stock traded down $2.65 during trading hours on Tuesday, reaching $138.15. The company's stock had a trading volume of 2,847,450 shares, compared to its average volume of 4,037,955. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $74.35 billion, a P/E ratio of 18.30, a P/E/G ratio of 3.30 and a beta of 1.02. The firm's fifty day simple moving average is $141.95 and its 200 day simple moving average is $138.42. 3M has a one year low of $95.01 and a one year high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. Equities research analysts expect that 3M will post 7.8 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Royal Bank of Canada boosted their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Thursday, April 24th. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $147.00.

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.