3M Company $MMM Stake Decreased by Harbour Trust & Investment Management Co

Harbour Trust & Investment Management Co lessened its holdings in shares of 3M Company (NYSE:MMM) by 3.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,035 shares of the conglomerate’s stock after selling 160 shares during the period. Harbour Trust & Investment Management Co’s holdings in 3M were worth $614,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd bought a new stake in shares of 3M during the first quarter valued at about $28,000. WPG Advisers LLC bought a new stake in shares of 3M during the 1st quarter worth about $28,000. GFG Capital LLC bought a new stake in shares of 3M during the 2nd quarter worth about $28,000. Saudi Central Bank bought a new stake in shares of 3M during the 1st quarter worth about $31,000. Finally, Intelligent Financial Strategies bought a new stake in shares of 3M during the 1st quarter worth about $42,000. Institutional investors own 65.25% of the company’s stock.

Insider Activity

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the company’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares of the company’s stock, valued at $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

3M Stock Up 1.5%

MMM stock opened at $150.97 on Tuesday. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company’s 50 day simple moving average is $154.94 and its 200-day simple moving average is $148.68. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The firm has a market capitalization of $80.41 billion, a P/E ratio of 21.00, a P/E/G ratio of 2.45 and a beta of 1.05.

3M (NYSE:MMM) last announced its earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share (EPS) for the quarter. The company had revenue of $8.38 billion for the quarter. 3M had a net margin of 16.01% and a return on equity of 96.48%. As a group, equities research analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 25th were paid a $0.73 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M’s dividend payout ratio is 40.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MMM shares. JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Barclays set a $170.00 price objective on 3M in a research note on Friday, July 18th. Deutsche Bank Aktiengesellschaft boosted their price objective on 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Wells Fargo & Company boosted their price target on shares of 3M from $170.00 to $176.00 and gave the stock an “overweight” rating in a research report on Monday, October 6th. Finally, Citigroup boosted their price target on shares of 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a research report on Thursday. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and an average price target of $165.60.

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.