3M (NYSE:MMM) Shares Sold by Utah Retirement Systems

Utah Retirement Systems reduced its position in shares of 3M (NYSE:MMM) by 1.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 90,177 shares of the conglomerate’s stock after selling 1,200 shares during the period. Utah Retirement Systems’ holdings in 3M were worth $11,641,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in 3M during the fourth quarter worth $636,767,000. Invesco Ltd. increased its holdings in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after buying an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in 3M in the fourth quarter valued at about $175,110,000. Capital World Investors lifted its position in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after acquiring an additional 1,248,093 shares during the period. Finally, Amundi boosted its stake in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after acquiring an additional 898,244 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MMM. Barclays boosted their target price on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. reduced their target price on 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Citigroup dropped their price target on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Thursday, April 24th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $147.00.

3M Price Performance

MMM stock opened at $138.85 on Thursday. The stock has a 50-day moving average price of $142.57 and a two-hundred day moving average price of $138.29. The company has a market cap of $74.73 billion, a PE ratio of 18.39, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 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 has a 12-month low of $95.01 and a 12-month high of $156.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. As a group, research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.10%. 3M’s payout ratio is presently 36.87%.

Insider Buying and Selling

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.34% of the stock is owned by corporate insiders.

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.