Harvest Fund Management Co. Ltd Sells 5,484 Shares of 3M (NYSE:MMM)

Harvest Fund Management Co. Ltd trimmed its stake in 3M (NYSE:MMM - Free Report) by 53.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,809 shares of the conglomerate's stock after selling 5,484 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in 3M were worth $621,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Financial Life Planners purchased a new stake in 3M during the 4th quarter valued at about $25,000. FSA Wealth Management LLC bought a new position in shares of 3M in the third quarter worth approximately $27,000. True Wealth Design LLC grew its holdings in shares of 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate's stock valued at $42,000 after buying an additional 296 shares during the last quarter. ORG Partners LLC increased its position in shares of 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock valued at $41,000 after acquiring an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC raised its holdings in 3M by 81.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock worth $47,000 after acquiring an additional 163 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

Shares of MMM traded up $0.38 during trading hours on Tuesday, reaching $153.53. 4,117,823 shares of the stock traded hands, compared to its average volume of 4,027,325. The company has a market cap of $83.35 billion, a P/E ratio of 20.34, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company's 50-day moving average price is $148.72 and its two-hundred day moving average price is $137.71. 3M has a 52-week low of $85.62 and a 52-week high of $156.35.

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3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business's revenue was down 25.0% on a year-over-year basis. During the same period in the previous year, the business earned $2.42 earnings per share. On average, analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is presently 38.68%.

Analyst Upgrades and Downgrades

A number of analysts have commented on MMM shares. Barclays lifted their target price on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their target price on 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an "underperform" rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Saturday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $149.13.

Insider Transactions at 3M

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the business's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company's stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

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.