Harvest Fund Management Co. Ltd Acquires 3,236 Shares of 3M (NYSE:MMM)

Harvest Fund Management Co. Ltd boosted its position in shares of 3M (NYSE:MMM) by 45.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,293 shares of the conglomerate’s stock after buying an additional 3,236 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in 3M were worth $1,407,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after buying an additional 533,520 shares during the period. Pacer Advisors Inc. boosted its stake in 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after buying an additional 97,340 shares during the period. AQR Capital Management LLC boosted its stake in shares of 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after purchasing an additional 396,773 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of 3M by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock valued at $198,298,000 after purchasing an additional 11,315 shares during the period. Finally, National Pension Service boosted its stake in shares of 3M by 14.5% during the third quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock valued at $173,336,000 after purchasing an additional 161,036 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MMM. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Barclays boosted their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Morgan Stanley assumed coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Finally, Royal Bank of Canada upped their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Price Performance

Shares of NYSE MMM opened at $130.30 on Tuesday. The business’s 50 day moving average price is $132.48 and its 200 day moving average price is $119.51. The firm has a market cap of $70.96 billion, a P/E ratio of 16.45, a P/E/G ratio of 2.12 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the firm posted $2.68 EPS. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. On average, sell-side analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.15%. 3M’s dividend payout ratio (DPR) is 35.35%.

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.