Harbour Investments Inc. Has $1.44 Million Holdings in 3M (NYSE:MMM)

Harbour Investments Inc. grew its stake in 3M (NYSE:MMM) by 0.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,559 shares of the conglomerate’s stock after purchasing an additional 81 shares during the period. Harbour Investments Inc.’s holdings in 3M were worth $1,443,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. MFA Wealth Advisors LLC bought a new position in 3M during the second quarter valued at about $28,000. Daymark Wealth Partners LLC raised its stake in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. lifted its position in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the period. Meeder Asset Management Inc. boosted its stake in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC bought a new stake in 3M in the 2nd quarter valued at $33,000. Institutional investors own 65.25% of the company’s stock.

3M Trading Up 0.8 %

MMM opened at $131.45 on Thursday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The firm has a 50-day moving average price of $132.78 and a two-hundred day moving average price of $117.40. The stock has a market capitalization of $71.58 billion, a PE ratio of 16.60, a PEG ratio of 2.16 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion during 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%. 3M’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.68 EPS. As a group, equities analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.13%. 3M’s payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MMM shares. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Mizuho raised their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. upped their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Citigroup raised their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

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.