K.J. Harrison & Partners Inc Acquires Shares of 16,369 3M (NYSE:MMM)

K.J. Harrison & Partners Inc bought a new position in 3M (NYSE:MMM) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 16,369 shares of the conglomerate’s stock, valued at approximately $1,789,000.

Several other institutional investors also recently modified their holdings of the business. Fragasso Group Inc. increased its stake in shares of 3M by 3.8% during the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after purchasing an additional 93 shares in the last quarter. Bangor Savings Bank increased its position in 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after buying an additional 104 shares in the last quarter. Allen Capital Group LLC raised its stake in 3M by 0.5% during the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after buying an additional 105 shares during the last quarter. N.E.W. Advisory Services LLC boosted its holdings in 3M by 4.0% in the third 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 in the last quarter. Finally, Money Concepts Capital Corp grew its stake in shares of 3M by 5.3% in the third quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock worth $210,000 after acquiring an additional 112 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Citigroup lifted their price target on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company decreased their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. cut their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. Bank of America decreased their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. Finally, Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $104.00.

3M Stock Performance

NYSE:MMM traded up $0.39 during trading hours on Friday, reaching $91.80. The company had a trading volume of 4,519,673 shares, compared to its average volume of 5,728,667. The firm has a market cap of $50.80 billion, a price-to-earnings ratio of -7.27, a PEG ratio of 1.82 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The firm’s 50 day moving average price is $95.71 and its 200-day moving average price is $97.37. 3M has a 52 week low of $71.12 and a 52 week high of $95.67.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping 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 analyst estimates of $7.69 billion. During the same quarter in the previous year, the company posted $2.28 earnings per share. 3M’s revenue was down 1.1% compared to the same quarter last year. On average, analysts forecast that 3M will post 7.87 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is currently -47.82%.

Insider Activity

In related 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 value of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.34% of the company’s stock.

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.