Harbour Investments Inc. Acquires 81 Shares of 3M (NYSE:MMM)

Harbour Investments Inc. lifted its stake in 3M (NYSE:MMM) by 0.8% during the 3rd quarter, Holdings Channel reports. The firm owned 10,559 shares of the conglomerate’s stock after acquiring an additional 81 shares during the period. Harbour Investments Inc.’s holdings in 3M were worth $1,443,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in MMM. Sei Investments Co. increased its stake in shares of 3M by 13.2% in the 1st quarter. Sei Investments Co. now owns 154,810 shares of the conglomerate’s stock valued at $16,420,000 after acquiring an additional 18,054 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of 3M by 0.8% during the first quarter. Russell Investments Group Ltd. now owns 262,119 shares of the conglomerate’s stock worth $27,719,000 after purchasing an additional 2,050 shares in the last quarter. GM Advisory Group LLC grew its holdings in shares of 3M by 3.4% in the 1st quarter. GM Advisory Group LLC now owns 6,014 shares of the conglomerate’s stock valued at $638,000 after buying an additional 200 shares during the period. M&G Plc bought a new stake in shares of 3M in the 1st quarter valued at $15,855,000. Finally, Poehling Capital Management INC. raised its stake in 3M by 6.6% during the 1st quarter. Poehling Capital Management INC. now owns 69,623 shares of the conglomerate’s stock worth $7,385,000 after buying an additional 4,330 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MMM. Mizuho boosted their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Stock Up 0.8 %

MMM stock opened at $131.45 on Thursday. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The company has a market cap of $71.58 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 2.16 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business has a 50 day moving average price of $132.78 and a two-hundred day moving average price of $117.40.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.68 earnings per share. Analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.13%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

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.