Retirement Systems of Alabama Trims Stock Position in 3M (NYSE:MMM)

Retirement Systems of Alabama lessened its position in shares of 3M (NYSE:MMM) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 120,610 shares of the conglomerate’s stock after selling 1,456 shares during the period. Retirement Systems of Alabama’s holdings in 3M were worth $16,487,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. FSA Wealth Management LLC bought a new position in shares of 3M in the third quarter worth $27,000. McClarren Financial Advisors Inc. increased its stake in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the last quarter. MFA Wealth Advisors LLC purchased a new stake in shares of 3M in the 2nd quarter valued at about $28,000. Meeder Asset Management Inc. boosted its position in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares during the last quarter. Finally, True Wealth Design LLC grew its holdings in shares of 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MMM has been the topic of a number of recent analyst reports. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Mizuho raised their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Wells Fargo & Company upped their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. upped their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Performance

Shares of MMM stock opened at $129.92 on Monday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a market capitalization of $70.75 billion, a P/E ratio of 16.40, a PEG ratio of 2.15 and a beta of 0.95. The stock has a 50 day moving average price of $131.32 and a two-hundred day moving average price of $122.52.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the company posted $2.68 EPS. The firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. Analysts expect that 3M will post 7.27 earnings per share for the current 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 paid a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. 3M’s payout ratio is presently 35.35%.

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.