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

Harvest Fund Management Co. Ltd boosted its position in 3M (NYSE:MMM) by 45.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,293 shares of the conglomerate’s stock after purchasing an additional 3,236 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in 3M were worth $1,407,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd acquired a new position in 3M in the 3rd quarter valued at $329,000. Douglass Winthrop Advisors LLC increased its stake in shares of 3M by 3.1% in the 3rd quarter. Douglass Winthrop Advisors LLC now owns 15,664 shares of the conglomerate’s stock worth $2,141,000 after acquiring an additional 475 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of 3M by 3.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 149,806 shares of the conglomerate’s stock worth $20,479,000 after acquiring an additional 5,345 shares during the last quarter. Garner Asset Management Corp acquired a new stake in shares of 3M in the 3rd quarter worth $202,000. Finally, Summit Trail Advisors LLC increased its stake in shares of 3M by 30.1% in the 3rd quarter. Summit Trail Advisors LLC now owns 4,271 shares of the conglomerate’s stock worth $584,000 after acquiring an additional 987 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

Shares of MMM opened at $130.30 on Tuesday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The stock has a market capitalization of $70.96 billion, a PE ratio of 16.45, a PEG ratio of 2.12 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock has a 50-day simple moving average of $132.48 and a 200-day simple moving average of $119.51.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the company posted $2.68 earnings per share. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. UBS Group raised 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Mizuho raised their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Royal Bank of Canada raised their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $144.87.

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.