New York State Teachers Retirement System Has $50.08 Million Stock Position in 3M (NYSE:MMM)

New York State Teachers Retirement System lessened its holdings in 3M (NYSE:MMM) by 3.7% during the second quarter, HoldingsChannel reports. The firm owned 490,048 shares of the conglomerate’s stock after selling 19,087 shares during the quarter. New York State Teachers Retirement System’s holdings in 3M were worth $50,078,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Tributary Capital Management LLC bought a new position in 3M in the first quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. boosted its stake in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. MFA Wealth Advisors LLC bought a new stake in shares of 3M during the 2nd quarter valued at approximately $28,000. Northwest Investment Counselors LLC acquired a new position in 3M during the 1st quarter worth approximately $32,000. Finally, TruNorth Capital Management LLC bought a new position in 3M in the 2nd quarter valued at approximately $33,000. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were 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 $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MMM. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. UBS Group lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $91.13 to $115.00 in a research report on Friday, May 10th. Finally, Wells Fargo & Company lifted their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $123.57.

3M Stock Up 0.9 %

Shares of 3M stock traded up $1.18 during trading on Friday, reaching $129.78. 1,400,500 shares of the company traded hands, compared to its average volume of 5,260,033. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The firm has a market capitalization of $71.82 billion, a PE ratio of -10.19, a P/E/G ratio of 2.34 and a beta of 0.95. The company has a 50 day moving average price of $111.84 and a 200-day moving average price of $102.01. 3M has a 1-year low of $71.12 and a 1-year high of $129.99.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same period last year, the business posted $2.17 EPS. As a group, equities research analysts expect that 3M will post 7.21 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be paid a dividend of $0.70 per share. The ex-dividend date is Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.16%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

3M Company 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.