Retirement Systems of Alabama trimmed its holdings in 3M (NYSE:MMM – Get Rating) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 189,221 shares of the conglomerate’s stock after selling 1,719 shares during the period. Retirement Systems of Alabama’s holdings in 3M were worth $28,171,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Gradient Investments LLC increased its stake in 3M by 10.7% during the 4th quarter. Gradient Investments LLC now owns 70,544 shares of the conglomerate’s stock worth $12,531,000 after acquiring an additional 6,800 shares during the period. KMG Fiduciary Partners LLC increased its stake in shares of 3M by 36.9% in the 4th quarter. KMG Fiduciary Partners LLC now owns 17,775 shares of the conglomerate’s stock valued at $3,157,000 after purchasing an additional 4,793 shares during the last quarter. Legacy Private Trust Co. grew its position in 3M by 2.3% during the 4th quarter. Legacy Private Trust Co. now owns 5,920 shares of the conglomerate’s stock worth $1,051,000 after acquiring an additional 135 shares during the last quarter. Stonnington Group LLC grew its position in 3M by 665.3% during the 4th quarter. Stonnington Group LLC now owns 45,150 shares of the conglomerate’s stock worth $8,081,000 after acquiring an additional 39,250 shares during the last quarter. Finally, Summit Financial Wealth Advisors LLC grew its position in 3M by 8.4% during the 4th quarter. Summit Financial Wealth Advisors LLC now owns 47,746 shares of the conglomerate’s stock worth $8,605,000 after acquiring an additional 3,680 shares during the last quarter. 67.22% of the stock is owned by institutional investors.
Shares of MMM stock opened at $129.41 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.00 and a current ratio of 1.58. 3M has a 52-week low of $127.30 and a 52-week high of $203.21. The company has a market capitalization of $73.64 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 1.30 and a beta of 0.92. The business’s fifty day moving average is $143.00 and its 200 day moving average is $154.05.
3M (NYSE:MMM – Get Rating) last issued its quarterly earnings data on Tuesday, April 26th. The conglomerate reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.32. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.75 billion. 3M had a return on equity of 39.35% and a net margin of 15.84%. The firm’s revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.77 earnings per share. On average, sell-side analysts forecast that 3M will post 10.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Sunday, June 12th. Investors of record on Friday, May 20th were paid a $1.49 dividend. The ex-dividend date was Thursday, May 19th. This represents a $5.96 dividend on an annualized basis and a yield of 4.61%. 3M’s dividend payout ratio is currently 62.02%.
In other 3M news, CEO Michael F. Roman sold 10,610 shares of the firm’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $146.21, for a total value of $1,551,288.10. Following the completion of the sale, the chief executive officer now directly owns 90,361 shares in the company, valued at $13,211,681.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mojdeh Poul sold 1,634 shares of the firm’s stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $151.68, for a total transaction of $247,845.12. Following the completion of the sale, the insider now owns 7,637 shares of the company’s stock, valued at $1,158,380.16. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.
Several research analysts have commented on MMM shares. Royal Bank of Canada lifted their target price on 3M from $136.00 to $138.00 and gave the stock an “underperform” rating in a report on Wednesday, April 27th. Barclays cut their target price on 3M from $155.00 to $146.00 and set an “underweight” rating on the stock in a report on Wednesday, April 27th. Jefferies Financial Group cut their target price on 3M from $161.00 to $145.00 in a report on Thursday, June 16th. Wells Fargo & Company dropped their price objective on 3M from $156.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, Credit Suisse Group dropped their price objective on 3M from $173.00 to $161.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 27th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, 3M currently has an average rating of “Hold” and a consensus price target of $161.64.
3M Company Profile: (Get Rating)
3M Company operates as a diversified technology company worldwide. It operates through four segments. Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; auto body 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.
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMM – Get Rating).
Receive News & Ratings for 3M Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for 3M and related companies with MarketBeat.com’s FREE daily email newsletter.