3M Company (NYSE:MMM) Shares Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama lifted its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 210.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 366,236 shares of the conglomerate's stock after buying an additional 248,333 shares during the period. Retirement Systems of Alabama owned approximately 0.07% of 3M worth $53,785,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in 3M by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after purchasing an additional 280,048 shares during the period. Northern Trust Corp lifted its position in 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after purchasing an additional 755,155 shares during the period. Capital World Investors lifted its position in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the period. Bank of New York Mellon Corp lifted its position in 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after purchasing an additional 479,621 shares during the period. Finally, Norges Bank acquired a new stake in 3M in the fourth quarter valued at about $636,767,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Up 0.2%

Shares of NYSE MMM opened at $142.43 on Friday. 3M Company has a 1 year low of $98.26 and a 1 year high of $156.35. The firm's 50 day moving average price is $142.95 and its 200 day moving average price is $142.05. The firm has a market cap of $76.65 billion, a P/E ratio of 17.98, a price-to-earnings-growth ratio of 2.96 and a beta of 1.03. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66.

3M (NYSE:MMM - Get Free Report) last announced 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. 3M had a net margin of 17.79% and a return on equity of 96.19%. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. As a group, sell-side analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.05%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Analyst Ratings Changes

A number of equities research analysts recently commented on MMM shares. Royal Bank Of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Bank of America raised their price objective 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. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Wednesday, June 11th. Barclays increased their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Finally, Citigroup increased their target price on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, 3M has a consensus rating of "Moderate Buy" and a consensus target price of $155.83.

Insider Buying and Selling at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M 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.

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