3M (NYSE:MMM) Stock Position Reduced by State of Michigan Retirement System

State of Michigan Retirement System lessened its stake in 3M (NYSE:MMM) by 0.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 158,305 shares of the conglomerate’s stock after selling 900 shares during the quarter. State of Michigan Retirement System’s holdings in 3M were worth $20,436,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its position in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of 3M in the 3rd quarter valued at approximately $82,208,000. Parsifal Capital Management LP increased its holdings in 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after buying an additional 526,194 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after buying an additional 479,621 shares during the last quarter. Finally, Bank of Montreal Can raised its position in 3M by 39.1% during the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock valued at $151,002,000 after acquiring an additional 308,912 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. This represents a 24.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by company insiders.

3M Trading Down 5.0 %

Shares of 3M stock opened at $145.76 on Wednesday. The company has a market cap of $79.13 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 3.30 and a beta of 0.96. 3M has a 1 year low of $76.56 and a 1 year high of $156.35. The company’s fifty day simple moving average is $143.53 and its 200-day simple moving average is $135.87. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.42 EPS. As a group, sell-side analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be issued a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.00%. 3M’s dividend payout ratio is 38.68%.

Analyst Ratings Changes

MMM has been the subject of several recent research reports. Barclays boosted their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a report on Wednesday, February 19th. JPMorgan Chase & Co. raised their target price on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Bank of America upped their price target on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and raised their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $148.87.

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.