Retirement Systems of Alabama Lowers Holdings in 3M (NYSE:MMM)

Retirement Systems of Alabama lowered its position in 3M (NYSE:MMM) by 2.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 117,903 shares of the conglomerate’s stock after selling 2,707 shares during the period. Retirement Systems of Alabama’s holdings in 3M were worth $15,220,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MMM. D.A. Davidson & CO. increased its holdings in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after purchasing an additional 20,421 shares in the last quarter. Franklin Resources Inc. increased its holdings in 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after buying an additional 178,450 shares during the last quarter. Meyer Handelman Co. lifted its stake in 3M by 1.4% during the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after purchasing an additional 2,678 shares during the last quarter. Ballentine Partners LLC raised its stake in 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after acquiring an additional 5,210 shares during the period. Finally, Stonegate Investment Group LLC boosted its position in 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares of the company’s stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the completion of the transaction, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. This trade represents a 57.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Wednesday, January 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Citigroup upped their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a report on Saturday, February 1st. Finally, Barclays increased their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

3M Stock Down 1.6 %

3M stock opened at $149.90 on Friday. The firm has a market capitalization of $81.63 billion, a price-to-earnings ratio of 19.85, a PEG ratio of 3.37 and a beta of 0.96. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.00. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company’s 50 day simple moving average is $136.78 and its 200 day simple moving average is $132.21.

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

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.95%. 3M’s payout ratio is 37.09%.

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.