Harbor Capital Advisors Inc. Buys Shares of 8,350 3M (NYSE:MMM)

Harbor Capital Advisors Inc. purchased a new position in 3M (NYSE:MMM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 8,350 shares of the conglomerate's stock, valued at approximately $1,226,000.

Other institutional investors also recently modified their holdings of the company. Wayfinding Financial LLC bought a new stake in 3M during the fourth quarter valued at $851,000. Ensign Peak Advisors Inc lifted its stake in shares of 3M by 29.2% in the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after purchasing an additional 145,146 shares during the period. Braun Stacey Associates Inc. lifted its stake in shares of 3M by 18.4% in the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock valued at $18,408,000 after purchasing an additional 22,203 shares during the period. Asahi Life Asset Management CO. LTD. boosted its position in shares of 3M by 34.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate's stock valued at $1,616,000 after purchasing an additional 3,173 shares in the last quarter. Finally, Allstate Corp acquired a new stake in 3M during the fourth quarter worth approximately $2,101,000. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now directly owns 31,372 shares of the company's stock, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Barclays boosted their price target on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Citigroup boosted their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Bank of America increased their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, 3M presently has an average rating of "Moderate Buy" and an average price target of $153.46.

3M Stock Down 1.8%

Shares of 3M stock traded down $2.60 on Friday, hitting $142.17. The company had a trading volume of 2,450,353 shares, compared to its average volume of 3,848,570. 3M has a 1 year low of $98.26 and a 1 year high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock has a 50 day moving average of $141.94 and a 200-day moving average of $141.71. The stock has a market capitalization of $76.51 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 3.30 and a beta of 1.03.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. As a group, sell-side analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.05%. 3M's payout ratio is 36.87%.

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.