Bar Harbor Wealth Management Sells 24,251 Shares of 3M (NYSE:MMM)

Bar Harbor Wealth Management reduced its position in shares of 3M (NYSE:MMM) by 71.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 9,745 shares of the conglomerate’s stock after selling 24,251 shares during the quarter. Bar Harbor Wealth Management’s holdings in 3M were worth $1,258,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MMM. Forza Wealth Management LLC raised its holdings in shares of 3M by 3.4% during the fourth quarter. Forza Wealth Management LLC now owns 5,347 shares of the conglomerate’s stock valued at $690,000 after acquiring an additional 178 shares in the last quarter. Wedmont Private Capital increased its position in shares of 3M by 19.3% during the fourth quarter. Wedmont Private Capital now owns 2,951 shares of the conglomerate’s stock valued at $387,000 after buying an additional 477 shares during the period. Salem Investment Counselors Inc. raised its stake in 3M by 2.5% in the fourth quarter. Salem Investment Counselors Inc. now owns 68,000 shares of the conglomerate’s stock worth $8,778,000 after buying an additional 1,654 shares in the last quarter. Clark & Stuart Inc bought a new stake in 3M during the 4th quarter valued at approximately $9,553,000. Finally, Matrix Trust Co boosted its position in shares of 3M by 602.9% during the fourth quarter. Matrix Trust Co now owns 738 shares of the conglomerate’s stock valued at $95,000 after purchasing an additional 633 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MMM shares. Mizuho upped their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Bank of America raised their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada decreased their price target on 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a report on Friday, January 3rd. Finally, Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and a consensus price target of $144.33.

3M Trading Up 2.5 %

Shares of 3M stock traded up $3.33 on Monday, reaching $134.54. The company had a trading volume of 2,701,642 shares, compared to its average volume of 3,333,739. The firm’s 50-day moving average price is $130.51 and its two-hundred day moving average price is $126.65. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a market cap of $73.26 billion, a price-to-earnings ratio of 16.99, a P/E/G ratio of 2.15 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

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

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

About 3M

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.