3M (NYSE:MMM) Shares Sold by Harbour Investments Inc.

Harbour Investments Inc. lessened its holdings in shares of 3M (NYSE:MMM) by 3.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,235 shares of the conglomerate’s stock after selling 324 shares during the quarter. Harbour Investments Inc.’s holdings in 3M were worth $1,321,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Financial Life Planners bought a new position in 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC bought a new position in 3M during the 4th quarter worth approximately $26,000. FSA Wealth Management LLC bought a new position in 3M during the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC lifted its holdings in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after buying an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC lifted its holdings in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Down 1.7 %

Shares of 3M stock opened at $150.64 on Wednesday. The business’s fifty day moving average price is $147.25 and its two-hundred day moving average price is $137.15. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market capitalization of $81.78 billion, a P/E ratio of 19.95, a PEG ratio of 3.30 and a beta of 0.97. 3M has a 1-year low of $85.62 and a 1-year high of $156.35.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the previous year, the business earned $2.42 EPS. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. As a group, research analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M’s dividend payout ratio (DPR) is 38.68%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Friday, March 7th. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Bank of America raised their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Citigroup raised their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Finally, Barclays raised their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin H. Rhodes sold 6,743 shares of 3M stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the completion of the transaction, the executive vice president now owns 4,902 shares in the company, valued at $734,564.70. The trade was a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by company insiders.

3M 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.