3M (NYSE:MMM) Stock Position Cut by Bar Harbor Wealth Management

Bar Harbor Wealth Management reduced its stake in 3M (NYSE:MMM - Free Report) by 71.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,745 shares of the conglomerate's stock after selling 24,251 shares during the period. Bar Harbor Wealth Management's holdings in 3M were worth $1,258,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MMM. American Century Companies Inc. grew its holdings in 3M by 0.8% during the 2nd quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate's stock valued at $8,396,000 after purchasing an additional 650 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of 3M by 35.0% during the second quarter. Oppenheimer & Co. Inc. now owns 34,513 shares of the conglomerate's stock valued at $3,527,000 after acquiring an additional 8,940 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock worth $31,000 after acquiring an additional 269 shares during the last quarter. Thoroughbred Financial Services LLC acquired a new position in shares of 3M in the second quarter worth about $502,000. Finally, Wealthspire Advisors LLC boosted its holdings in 3M by 3.9% in the second quarter. Wealthspire Advisors LLC now owns 11,518 shares of the conglomerate's stock valued at $1,177,000 after purchasing an additional 430 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

MMM stock traded up $3.33 during mid-day trading on Monday, reaching $134.54. The company had a trading volume of 4,206,982 shares, compared to its average volume of 3,649,890. 3M has a one year low of $75.40 and a one year high of $141.34. The stock has a market capitalization of $73.26 billion, a P/E ratio of 16.99, a P/E/G ratio of 2.15 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock's 50-day simple moving average is $130.69 and its two-hundred day simple moving average is $126.87.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the firm posted $2.68 EPS. 3M's quarterly revenue was down 24.3% compared to the same quarter last year. Research analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.08%. The ex-dividend date was Friday, November 15th. 3M's dividend payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

MMM has been the topic of several analyst reports. Melius upgraded 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Wells Fargo & Company lifted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research note on Thursday, October 17th. Royal Bank of Canada dropped their target price on shares of 3M from $100.00 to $96.00 and set an "underperform" rating for the company in a research report on Friday, January 3rd. Finally, JPMorgan Chase & Co. upped their target price on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, 3M currently has an average rating of "Moderate Buy" and an average price target of $144.33.

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.