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

Retirement Systems of Alabama boosted its stake in 3M Company (NYSE:MMM - Free Report) by 210.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 366,236 shares of the conglomerate's stock after purchasing an additional 248,333 shares during the quarter. Retirement Systems of Alabama owned about 0.07% of 3M worth $53,785,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MMM. Norges Bank purchased a new stake in 3M in the fourth quarter valued at approximately $636,767,000. Invesco Ltd. lifted its position in 3M by 51.6% during 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. acquired a new position in 3M during the fourth quarter valued at approximately $175,110,000. Capital World Investors lifted its position in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after buying an additional 1,248,093 shares in the last quarter. Finally, Amundi lifted its position in 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after buying an additional 898,244 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on MMM shares. Barclays lifted their price target on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Bank of America lifted 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. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Wednesday, June 11th. Citigroup boosted their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Finally, JPMorgan Chase & Co. boosted their target price on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and an average target price of $155.83.

Insider Activity at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the 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 sale, the executive vice president now directly owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president now directly owns 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

3M Stock Up 2.6%

MMM traded up $3.68 during trading on Monday, hitting $147.71. The company had a trading volume of 2,904,443 shares, compared to its average volume of 3,818,059. The company has a market cap of $79.49 billion, a PE ratio of 18.65, a P/E/G ratio of 2.99 and a beta of 1.03. The business has a 50-day moving average of $143.34 and a 200-day moving average of $142.39. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35.

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, beating the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. As a group, analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.98%. 3M's dividend payout ratio is presently 36.87%.

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.