Everett Harris & Co. CA Acquires 666 Shares of 3M Company $MMM

Everett Harris & Co. CA lifted its holdings in shares of 3M Company (NYSE:MMM) by 10.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,971 shares of the conglomerate’s stock after buying an additional 666 shares during the period. Everett Harris & Co. CA’s holdings in 3M were worth $1,061,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. GFG Capital LLC acquired a new position in 3M during the second quarter worth about $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of 3M in the 1st quarter valued at approximately $28,000. WPG Advisers LLC bought a new stake in shares of 3M during the 1st quarter valued at approximately $28,000. Saudi Central Bank acquired a new position in 3M during the 1st quarter worth approximately $31,000. Finally, Investment Management Corp VA ADV lifted its stake in 3M by 173.6% in the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate’s stock valued at $44,000 after purchasing an additional 191 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Mark W. Murphy sold 19,061 shares of 3M stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $166.55, for a total transaction of $3,174,609.55. Following the completion of the transaction, the executive vice president owned 6,594 shares of the company’s stock, valued at $1,098,230.70. This trade represents a 74.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.48% of the stock is owned by corporate insiders.

3M Trading Up 0.6%

NYSE MMM opened at $168.63 on Wednesday. The firm has a market capitalization of $89.58 billion, a PE ratio of 26.94, a price-to-earnings-growth ratio of 2.90 and a beta of 1.06. The business’s 50-day moving average price is $158.29 and its two-hundred day moving average price is $152.88. The company has a current ratio of 1.84, a quick ratio of 1.40 and a debt-to-equity ratio of 2.54. 3M Company has a 12 month low of $121.98 and a 12 month high of $172.85.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, February 21st. The conglomerate reported $2.45 EPS for the quarter. The company had revenue of $8.38 billion for the quarter. 3M had a return on equity of 98.47% and a net margin of 13.70%. On average, analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be given a dividend of $0.73 per share. The ex-dividend date is Friday, November 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.7%. 3M’s dividend payout ratio is 46.65%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MMM shares. UBS Group boosted their target price on shares of 3M from $184.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of 3M in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft upped their target price on 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Morgan Stanley set a $160.00 price target on 3M and gave the company an “equal weight” rating in a research note on Tuesday, October 21st. Finally, Citigroup boosted their price target on 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $172.67.

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.