Moore Capital Management LP Bets Big on 3M Company with $7.9 Million Investment

Moore Capital Management LP has acquired a new position in 3M Company (NYSE:MMM) worth approximately $7,948,000. The investment firm purchased 49,089 shares of the conglomerate's stock in the second quarter, according to its most recent Form 13F filing with the SEC.

Moore Capital Management LP is not the only large investor to have added to or reduced their stakes in MMM recently. Commonwealth Retirement Investments LLC purchased a new position in shares of 3M during the fourth quarter valued at $28,000. Cornerstone Planning Group LLC boosted its stake in 3M by 32.1% during the 1st quarter.

The conglomerate reported $2.40 earnings per share for the second quarter, topping analysts' consensus estimates of $2.25 by $0.15. The firm had revenue of $6.50 billion during the quarter, compared to the consensus estimate of $6.40 billion.