3M Company (NYSE:MMM) Shares Sold by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System reduced its stake in 3M Company by 13.0%, now holding 25,428 shares valued at approximately $3.73 million.
• Several institutional investors have increased their positions in 3M, with Bank of Nova Scotia raising its stake by 153.9% during the 4th quarter.
• 3M announced a quarterly dividend of $0.73 per share, yielding 1.9% annually with a payout ratio of 40.61%.

Maryland State Retirement & Pension System lowered its stake in shares of 3M Company (NYSE:MMM - Free Report) by 13.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,428 shares of the conglomerate's stock after selling 3,800 shares during the quarter. Maryland State Retirement & Pension System's holdings in 3M were worth $3,734,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in 3M by 26.6% during the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after acquiring an additional 1,872 shares during the period. Envestnet Asset Management Inc. boosted its position in 3M by 8.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 513,800 shares of the conglomerate's stock worth $66,326,000 after acquiring an additional 39,346 shares during the period. FIL Ltd boosted its position in 3M by 12.0% during the 4th quarter. FIL Ltd now owns 418,733 shares of the conglomerate's stock worth $54,054,000 after acquiring an additional 44,735 shares during the period. Bank of Nova Scotia boosted its position in 3M by 153.9% during the 4th quarter. Bank of Nova Scotia now owns 188,210 shares of the conglomerate's stock worth $24,296,000 after acquiring an additional 114,069 shares during the period. Finally, Advisory Services Network LLC boosted its position in 3M by 18.7% during the 4th quarter. Advisory Services Network LLC now owns 16,828 shares of the conglomerate's stock worth $2,172,000 after acquiring an additional 2,646 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. Citigroup boosted their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Royal Bank Of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, 3M presently has a consensus rating of "Hold" and a consensus price target of $158.10.

3M Stock Up 0.6%

Shares of 3M stock opened at $151.69 on Friday. The stock's fifty day moving average is $149.88 and its 200-day moving average is $146.93. The firm has a market capitalization of $80.80 billion, a PE ratio of 21.10, a price-to-earnings-growth ratio of 2.92 and a beta of 1.05. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%. 3M's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.93 earnings per share. Equities analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's dividend payout ratio (DPR) is currently 40.61%.

Insider Buying and Selling at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,151 shares of company stock worth $2,854,437 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Company (NYSE:MMM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.