Everett Harris & Co. CA Has $1.06 Million Holdings in 3M Company $MMM

Everett Harris & Co. CA grew its holdings in shares of 3M Company (NYSE:MMM) by 10.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 6,971 shares of the conglomerate’s stock after purchasing an additional 666 shares during the quarter. Everett Harris & Co. CA’s holdings in 3M were worth $1,061,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Invesco Ltd. lifted its position in shares of 3M by 0.7% during the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate’s stock valued at $660,695,000 after acquiring an additional 30,260 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 3M by 10.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate’s stock valued at $616,597,000 after purchasing an additional 414,160 shares in the last quarter. Alliancebernstein L.P. increased its stake in 3M by 23.1% in the first quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate’s stock valued at $459,339,000 after purchasing an additional 586,851 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of 3M by 6.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate’s stock valued at $458,500,000 after purchasing an additional 199,944 shares during the period. Finally, Amundi boosted its position in shares of 3M by 20.7% during the 1st quarter. Amundi now owns 3,030,397 shares of the conglomerate’s stock worth $423,471,000 after purchasing an additional 519,302 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $168.63 on Wednesday. The firm has a market capitalization of $89.58 billion, a P/E ratio of 26.94, a P/E/G ratio of 2.90 and a beta of 1.06. 3M Company has a 52 week low of $121.98 and a 52 week high of $172.85. The stock has a 50 day moving average price of $158.29 and a two-hundred day moving average price of $152.88. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.40 and a current ratio of 1.84.

3M (NYSE:MMM) last announced its earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share (EPS) for the quarter. 3M had a return on equity of 98.47% and a net margin of 13.70%.The company had revenue of $8.38 billion for the quarter. Equities analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be paid a $0.73 dividend. 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 presently 46.65%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their target price on 3M from $176.00 to $183.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. Royal Bank Of Canada increased their price target on 3M from $120.00 to $130.00 and gave the stock an “underperform” rating in a report on Wednesday, October 22nd. Morgan Stanley set a $160.00 price objective on 3M and gave the company an “equal weight” rating in a report on Tuesday, October 21st. Citigroup increased their target price on 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Finally, UBS Group lifted their price target on shares of 3M from $184.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $172.67.

Insider Activity at 3M

In related news, EVP Mark W. Murphy sold 19,061 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.48% of the stock is currently owned by corporate insiders.

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.