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

Harbour Investments Inc. reduced its stake in shares of 3M (NYSE:MMM) by 3.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,478 shares of the conglomerate’s stock after selling 364 shares during the quarter. Harbour Investments Inc.’s holdings in 3M were worth $1,071,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Tributary Capital Management LLC bought a new position in shares of 3M during the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. increased its holdings in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares during the last quarter. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the 2nd quarter valued at approximately $28,000. Northwest Investment Counselors LLC bought a new position in 3M during the first quarter worth $32,000. Finally, TruNorth Capital Management LLC bought a new position in 3M during the second quarter worth $33,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Up 0.3 %

MMM traded up $0.41 during trading on Wednesday, reaching $131.81. The company had a trading volume of 1,384,259 shares, compared to its average volume of 5,221,581. The firm’s 50-day simple moving average is $113.06 and its 200 day simple moving average is $102.66. The company has a market cap of $72.94 billion, a price-to-earnings ratio of -10.34, a PEG ratio of 2.34 and a beta of 0.95. 3M has a 12-month low of $71.12 and a 12-month high of $132.62. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the business posted $2.17 EPS. Equities research analysts anticipate that 3M will post 7.21 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.12%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MMM shares. UBS Group raised their price objective on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Barclays raised their target price on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Bank of America lifted their price objective on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Citigroup lifted their price objective 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. Finally, Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, 3M has an average rating of “Hold” and a consensus price target of $123.57.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

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.