Hartford Investment Management Co. Has $4.34 Million Stock Position in 3M (NYSE:MMM)

Hartford Investment Management Co. cut its holdings in 3M (NYSE:MMM) by 2.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,651 shares of the conglomerate’s stock after selling 916 shares during the period. Hartford Investment Management Co.’s holdings in 3M were worth $4,344,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Financial Life Planners acquired a new position in 3M in the 4th quarter valued at $25,000. FSA Wealth Management LLC bought a new position in shares of 3M in the third quarter worth $27,000. McClarren Financial Advisors Inc. raised its stake in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares in the last quarter. Daymark Wealth Partners LLC lifted its position in 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 19,552 shares during the period. Finally, ORG Partners LLC grew its stake in 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Transactions at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 over the last ninety days. 0.34% of the stock is owned by insiders.

3M Stock Down 0.8 %

NYSE:MMM opened at $148.86 on Thursday. 3M has a one year low of $75.40 and a one year high of $155.00. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market cap of $80.82 billion, a PE ratio of 19.72, a P/E/G ratio of 3.37 and a beta of 0.96. The firm’s 50 day simple moving average is $137.82 and its 200 day simple moving average is $133.41.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.42 earnings per share. On average, research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. 3M’s dividend payout ratio is presently 37.09%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MMM shares. Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. upped their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research note on Saturday, February 1st. Melius Research upgraded 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. Finally, Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

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.