Harbour Investments Inc. Acquires 81 Shares of 3M (NYSE:MMM)

Harbour Investments Inc. lifted its holdings in shares of 3M (NYSE:MMM) by 0.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 10,559 shares of the conglomerate’s stock after purchasing 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.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after purchasing an additional 377,703 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares during the period. Pacer Advisors Inc. lifted its stake in shares of 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after buying an additional 97,340 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after buying an additional 396,773 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in 3M by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock valued at $198,298,000 after acquiring an additional 11,315 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MMM. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company upped their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Bank of America raised their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Price Performance

3M stock opened at $131.45 on Thursday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The stock has a market capitalization of $71.58 billion, a P/E ratio of 16.60, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. The stock has a fifty day moving average of $132.78 and a 200-day moving average of $117.40.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates 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%. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.68 earnings per share. On average, sell-side analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

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

3M Profile

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.