3M (NYSE:MMM) Shares Purchased by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd lifted its holdings in shares of 3M (NYSE:MMM) by 505.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,242 shares of the conglomerate’s stock after acquiring an additional 1,037 shares during the period. Harvest Fund Management Co. Ltd’s holdings in 3M were worth $136,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MMM. Fragasso Group Inc. lifted its position in shares of 3M by 3.8% in the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after buying an additional 93 shares during the last quarter. Bangor Savings Bank lifted its position in 3M by 1.0% during the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after acquiring an additional 104 shares during the last quarter. Allen Capital Group LLC raised its stake in 3M by 0.5% in the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after purchasing an additional 105 shares in the last quarter. N.E.W. Advisory Services LLC lifted its holdings in shares of 3M by 4.0% during the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock worth $272,000 after acquiring an additional 111 shares during the period. Finally, Money Concepts Capital Corp increased its stake in 3M by 5.3% in the third quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock valued at $210,000 after acquiring an additional 112 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

3M Trading Down 0.7 %

Shares of MMM opened at $91.42 on Friday. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The company has a market capitalization of $50.59 billion, a P/E ratio of -7.24, a P/E/G ratio of 1.82 and a beta of 1.02. The firm’s 50 day simple moving average is $95.70 and its 200 day simple moving average is $97.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same period in the prior year, the business posted $2.28 EPS. 3M’s quarterly revenue was down 1.1% compared to the same quarter last year. Sell-side analysts forecast that 3M will post 7.87 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.61%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.82%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MMM shares. Citigroup raised their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Barclays decreased their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Wells Fargo & Company dropped their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada dropped their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 2nd. Finally, Bank of America dropped their price target on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $104.00.

3M Company 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.