Collar Capital Management LLC Makes New $2.35 Million Investment in 3M (NYSE:MMM)

Collar Capital Management LLC bought a new position in shares of 3M (NYSE:MMM) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,183 shares of the conglomerate’s stock, valued at approximately $2,347,000. 3M makes up 2.0% of Collar Capital Management LLC’s holdings, making the stock its 18th largest position.

Several other hedge funds have also modified their holdings of the business. CoreCap Advisors LLC boosted its holdings in 3M by 21.4% during the fourth quarter. CoreCap Advisors LLC now owns 23,914 shares of the conglomerate’s stock worth $3,087,000 after buying an additional 4,213 shares in the last quarter. Crestline Management LP boosted its stake in shares of 3M by 776.4% during the 4th quarter. Crestline Management LP now owns 134,314 shares of the conglomerate’s stock worth $17,339,000 after acquiring an additional 118,989 shares in the last quarter. Cahill Financial Advisors Inc. boosted its position in shares of 3M by 7.4% in the 4th quarter. Cahill Financial Advisors Inc. now owns 15,197 shares of the conglomerate’s stock worth $1,962,000 after buying an additional 1,041 shares in the last quarter. Baker Avenue Asset Management LP boosted its stake in shares of 3M by 28.0% during the 4th quarter. Baker Avenue Asset Management LP now owns 3,158 shares of the conglomerate’s stock worth $408,000 after purchasing an additional 691 shares during the last quarter. Finally, Banque Transatlantique SA purchased a new position in shares of 3M during the fourth quarter valued at approximately $327,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MMM shares. Barclays boosted their price target on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Royal Bank of Canada upped their target price on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Bank of America raised their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. dropped their price objective 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. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $147.00.

3M Price Performance

3M stock opened at $138.15 on Wednesday. The firm has a fifty day moving average of $141.95 and a 200-day moving average of $138.42. 3M has a 52-week low of $95.01 and a 52-week high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a market capitalization of $74.35 billion, a P/E ratio of 18.30, a PEG ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. As a group, analysts predict that 3M will post 7.8 EPS for the current year.

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.