K.J. Harrison & Partners Inc Invests $1.79 Million in 3M (NYSE:MMM)

K.J. Harrison & Partners Inc purchased a new stake in 3M (NYSE:MMM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 16,369 shares of the conglomerate’s stock, valued at approximately $1,789,000.

A number of other large investors have also added to or reduced their stakes in the stock. Caprock Group LLC lifted its position in 3M by 57.0% during the third quarter. Caprock Group LLC now owns 9,248 shares of the conglomerate’s stock worth $866,000 after purchasing an additional 3,357 shares during the period. Czech National Bank boosted its position in shares of 3M by 47.7% during the 3rd quarter. Czech National Bank now owns 96,487 shares of the conglomerate’s stock worth $9,033,000 after acquiring an additional 31,181 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in 3M by 9.3% in the third quarter. Asset Management One Co. Ltd. now owns 335,535 shares of the conglomerate’s stock valued at $31,413,000 after acquiring an additional 28,417 shares during the last quarter. Etesian Wealth Advisors Inc. increased its stake in 3M by 5.7% in the third quarter. Etesian Wealth Advisors Inc. now owns 7,883 shares of the conglomerate’s stock valued at $738,000 after acquiring an additional 423 shares during the last quarter. Finally, Aaron Wealth Advisors LLC raised its position in 3M by 13.1% during the third quarter. Aaron Wealth Advisors LLC now owns 3,452 shares of the conglomerate’s stock valued at $323,000 after purchasing an additional 400 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MMM. Bank of America reduced their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Wells Fargo & Company decreased their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. JPMorgan Chase & Co. dropped their target price on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Barclays decreased their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Finally, StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $104.00.

3M Trading Up 0.4 %

Shares of NYSE:MMM traded up $0.39 during mid-day trading on Friday, reaching $91.80. 4,519,673 shares of the company’s stock were exchanged, compared to its average volume of 5,728,667. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. 3M has a twelve month low of $71.12 and a twelve month high of $95.67. The firm has a market capitalization of $50.80 billion, a price-to-earnings ratio of -7.27, a PEG ratio of 1.82 and a beta of 1.02. The business’s fifty day moving average price is $95.71 and its 200-day moving average price is $97.37.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.28 EPS. On average, research analysts predict that 3M will post 7.87 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.58%. 3M’s dividend payout ratio is presently -47.82%.

Insider Activity at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is currently owned by company insiders.

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.