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

Bar Harbor Wealth Management cut its holdings in shares of 3M (NYSE:MMM) by 71.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,745 shares of the conglomerate’s stock after selling 24,251 shares during the period. Bar Harbor Wealth Management’s holdings in 3M were worth $1,258,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. FMR LLC lifted its stake in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC increased its stake in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC purchased a new position in shares of 3M in the 2nd quarter worth approximately $76,732,000. Jennison Associates LLC bought a new position in shares of 3M in the third quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP increased its position in shares of 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after acquiring an additional 526,194 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MMM shares. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Wells Fargo & Company boosted their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Barclays decreased their price target on shares of 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, 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 report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus target price of $144.33.

3M Price Performance

Shares of NYSE MMM traded up $3.33 during midday trading on Monday, hitting $134.54. 2,701,642 shares of the company’s stock were exchanged, compared to its average volume of 3,333,739. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The business’s fifty day moving average price is $130.51 and its two-hundred day moving average price is $126.65. The company has a market cap of $73.26 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 2.15 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

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

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Friday, November 15th. 3M’s 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.