3M (NYSE:MMM) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System reduced its position in shares of 3M (NYSE:MMM - Free Report) by 4.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 843,330 shares of the conglomerate's stock after selling 34,834 shares during the quarter. California State Teachers Retirement System owned about 0.16% of 3M worth $108,865,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. Wayfinding Financial LLC bought a new stake in 3M in the fourth quarter worth $851,000. Franklin Resources Inc. lifted its position in 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock worth $114,770,000 after buying an additional 178,450 shares during the last quarter. Meyer Handelman Co. lifted its position in 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after buying an additional 2,678 shares during the last quarter. USA Financial Formulas bought a new stake in 3M in the fourth quarter worth $816,000. Finally, Braun Stacey Associates Inc. lifted its position in 3M by 18.4% in the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock worth $18,408,000 after buying an additional 22,203 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. Royal Bank of Canada raised their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Barclays increased their target price on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup reduced their target price on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $147.00.

3M Stock Performance

Shares of NYSE MMM traded down $0.92 during midday trading on Thursday, reaching $137.99. The company had a trading volume of 2,235,875 shares, compared to its average volume of 4,066,984. The business's 50-day simple moving average is $142.57 and its 200 day simple moving average is $138.29. The stock has a market cap of $74.26 billion, a P/E ratio of 18.28, a P/E/G ratio of 3.30 and a beta of 1.01. 3M has a 1 year low of $95.01 and a 1 year high of $156.35. 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 - Get Free Report) last posted its quarterly 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 net margin of 15.71% and a return on equity of 100.77%. On average, analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.12%. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is presently 36.87%.

Insider Transactions at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.34% of the company's stock.

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.