3M (NYSE:MMM) Holdings Raised by Harbour Investments Inc.

Harbour Investments Inc. lifted its stake in 3M (NYSE:MMM) by 0.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,559 shares of the conglomerate’s stock after acquiring an additional 81 shares during the quarter. Harbour Investments Inc.’s holdings in 3M were worth $1,443,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of MMM. CVA Family Office LLC raised its stake in shares of 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after buying an additional 79 shares during the last quarter. Fortis Capital Advisors LLC grew its holdings in 3M by 2.9% during the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after acquiring an additional 84 shares during the period. KMG Fiduciary Partners LLC raised its position in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after acquiring an additional 84 shares during the last quarter. TCV Trust & Wealth Management Inc. lifted its stake in shares of 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares during the period. Finally, Weatherly Asset Management L. P. boosted its position in shares of 3M by 3.3% in the 3rd quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock worth $373,000 after purchasing an additional 86 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MMM. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Price Performance

NYSE MMM opened at $131.45 on Thursday. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm’s 50 day moving average is $132.78 and its 200-day moving average is $117.40. The company has a market capitalization of $71.58 billion, a PE ratio of 16.60, a price-to-earnings-growth 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.

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

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 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.