Hartford Investment Management Co. Sells 841 Shares of 3M (NYSE:MMM)

Hartford Investment Management Co. lessened its position in shares of 3M (NYSE:MMM) by 2.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,567 shares of the conglomerate’s stock after selling 841 shares during the period. Hartford Investment Management Co.’s holdings in 3M were worth $4,725,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Global Assets Advisory LLC bought a new position in 3M in the 1st quarter valued at approximately $1,480,000. Wealthcare Advisory Partners LLC lifted its stake in 3M by 20.7% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 15,988 shares of the conglomerate’s stock valued at $1,696,000 after purchasing an additional 2,741 shares during the last quarter. Buckley Wealth Management LLC lifted its stake in 3M by 36.7% in the 1st quarter. Buckley Wealth Management LLC now owns 29,889 shares of the conglomerate’s stock valued at $3,170,000 after purchasing an additional 8,020 shares during the last quarter. Hennessy Advisors Inc. lifted its stake in 3M by 60.4% in the 1st quarter. Hennessy Advisors Inc. now owns 66,400 shares of the conglomerate’s stock valued at $7,043,000 after purchasing an additional 25,000 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its stake in 3M by 17.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,243 shares of the conglomerate’s stock valued at $450,000 after purchasing an additional 631 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE MMM opened at $127.91 on Thursday. 3M has a twelve month low of $72.47 and a twelve month high of $141.34. The firm has a fifty day simple moving average of $133.07 and a 200 day simple moving average of $113.57. The company has a market capitalization of $70.78 billion, a PE ratio of -10.06, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the firm earned $2.68 earnings per share. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 7.24 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Analyst Upgrades and Downgrades

MMM has been the subject of several research reports. Citigroup increased their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Mizuho raised their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company raised their price target 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. Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $135.67.

Insider Buying and Selling at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.