Harbour Capital Advisors LLC maintained its stake in shares of 3M Company (NYSE:MMM) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,211 shares of the conglomerate’s stock at the close of the 1st quarter. Harbour Capital Advisors LLC’s holdings in 3M were worth $232,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Capital Investment Counsel Inc raised its holdings in shares of 3M by 7.0% in the first quarter. Capital Investment Counsel Inc now owns 2,889 shares of the conglomerate’s stock valued at $553,000 after purchasing an additional 189 shares during the last quarter. Courier Capital LLC raised its holdings in shares of 3M by 5.1% in the first quarter. Courier Capital LLC now owns 29,883 shares of the conglomerate’s stock valued at $5,718,000 after purchasing an additional 1,446 shares during the last quarter. Granite Investment Advisors LLC raised its holdings in shares of 3M by 4.1% in the first quarter. Granite Investment Advisors LLC now owns 5,721 shares of the conglomerate’s stock valued at $1,095,000 after purchasing an additional 223 shares during the last quarter. Ledyard National Bank raised its holdings in shares of 3M by 29.1% in the first quarter. Ledyard National Bank now owns 33,412 shares of the conglomerate’s stock valued at $6,393,000 after purchasing an additional 7,537 shares during the last quarter. Finally, Round Table Services LLC raised its holdings in shares of 3M by 2.6% in the first quarter. Round Table Services LLC now owns 3,421 shares of the conglomerate’s stock valued at $655,000 after purchasing an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 66.31% of the company’s stock.
In other news, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the sale, the insider now owns 5,503 shares in the company, valued at approximately $1,134,498.48. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,112 shares of company stock valued at $1,878,890. Corporate insiders own 0.58% of the company’s stock.
3M Company (NYSE MMM) traded up 0.14% on Tuesday, reaching $209.85. The company had a trading volume of 581,552 shares. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The stock’s 50-day moving average price is $204.24 and its 200-day moving average price is $200.33. The stock has a market capitalization of $125.23 billion, a P/E ratio of 23.94 and a beta of 1.08.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The company had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the prior year, the business earned $2.08 EPS. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities research analysts anticipate that 3M Company will post $8.94 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be given a dividend of $1.175 per share. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.24%. 3M’s dividend payout ratio (DPR) is presently 53.59%.
A number of analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of 3M from $178.00 to $193.00 and gave the company an “underweight” rating in a report on Friday, June 9th. BidaskClub cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Stifel Nicolaus reissued a “hold” rating and issued a $202.00 target price on shares of 3M in a research note on Wednesday, July 19th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 target price for the company in a research note on Monday, June 19th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $209.00 target price (down from $210.00) on shares of 3M in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $206.68.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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