Harvey Investment Co. LLC Sells 3,916 Shares of 3M Company $MMM

Harvey Investment Co. LLC decreased its position in 3M Company (NYSE:MMM) by 6.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,806 shares of the conglomerate’s stock after selling 3,916 shares during the quarter. 3M makes up 1.0% of Harvey Investment Co. LLC’s investment portfolio, making the stock its 26th largest position. Harvey Investment Co. LLC’s holdings in 3M were worth $8,970,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MMM. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 3M by 10.9% during the 1st 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 during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of 3M during the first quarter valued at approximately $68,822,000. Handelsbanken Fonder AB raised its holdings in shares of 3M by 17.0% during the second quarter. Handelsbanken Fonder AB now owns 265,360 shares of the conglomerate’s stock valued at $40,398,000 after acquiring an additional 38,501 shares in the last quarter. Strs Ohio purchased a new stake in 3M in the first quarter worth $30,194,000. Finally, Focus Partners Wealth boosted its holdings in 3M by 7.3% in the first quarter. Focus Partners Wealth now owns 147,331 shares of the conglomerate’s stock valued at $21,637,000 after acquiring an additional 10,049 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

3M Trading Up 1.0%

3M stock opened at $161.70 on Monday. 3M Company has a 12 month low of $121.98 and a 12 month high of $174.69. The company has a market capitalization of $85.90 billion, a price-to-earnings ratio of 25.83, a price-to-earnings-growth ratio of 2.33 and a beta of 1.09. The business’s fifty day simple moving average is $165.68 and its two-hundred day simple moving average is $158.28. The company has a current ratio of 1.84, a quick ratio of 1.40 and a debt-to-equity ratio of 2.54.

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

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 14th were issued a $0.73 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.8%. 3M’s dividend payout ratio (DPR) is presently 46.65%.

Insider Buying and Selling at 3M

In other news, EVP Mark W. Murphy sold 19,061 shares of the company’s stock in a transaction on Wednesday, October 29th. The stock was 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 represents a 74.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 13,826 shares of the stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $169.78, for a total value of $2,347,378.28. Following the sale, the executive vice president directly owned 6,162 shares in the company, valued at $1,046,184.36. This trade represents a 69.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 46,516 shares of company stock valued at $7,836,465 in the last 90 days. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MMM shares. UBS Group lifted their target price on shares of 3M from $184.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Morgan Stanley set a $160.00 price target on shares of 3M and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. Deutsche Bank Aktiengesellschaft cut 3M from a “buy” rating to a “hold” rating and cut their price objective for the company from $199.00 to $178.00 in a research report on Monday, December 8th. Royal Bank Of Canada increased their target price on 3M from $120.00 to $130.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 22nd. Finally, Barclays lifted their price target on 3M from $180.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, December 4th. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus target price of $175.40.

3M Profile

3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.

3M’s businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).