State of New Jersey Common Pension Fund D Has $27.14 Million Stake in 3M Company $MMM

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in 3M Company by 9.1%, owning 184,778 shares valued at approximately $27.1 million after selling 18,411 shares in the first quarter.
• 3M reported earnings of $2.16 per share, exceeding analysts' estimates, with a revenue of $6.16 billion for the quarter, marking a 1.4% year-over-year increase.
• The company has declared a quarterly dividend of $0.73 per share, set to be paid on September 12th, resulting in a 1.9% annual yield and a payout ratio of 40.61%.

State of New Jersey Common Pension Fund D lowered its holdings in 3M Company (NYSE:MMM - Free Report) by 9.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 184,778 shares of the conglomerate's stock after selling 18,411 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in 3M were worth $27,136,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in MMM. Nuveen LLC purchased a new stake in shares of 3M during the 1st quarter worth approximately $235,020,000. D1 Capital Partners L.P. purchased a new stake in 3M during the fourth quarter worth $175,110,000. Capital World Investors raised its position in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Northern Trust Corp lifted its stake in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after buying an additional 755,155 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in 3M by 34.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,133,190 shares of the conglomerate's stock valued at $275,375,000 after buying an additional 544,380 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MMM shares. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Royal Bank Of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Citigroup upped their price target 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. set a $167.00 price objective on 3M in a research report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $158.10.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 sale, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,817,401 shares of company stock valued at $648,960,803. Company insiders own 0.48% of the company's stock.

3M Stock Performance

Shares of NYSE MMM traded up $1.3570 during trading on Tuesday, reaching $154.2170. The stock had a trading volume of 2,067,526 shares, compared to its average volume of 3,855,515. The firm's 50 day moving average price is $151.14 and its two-hundred day moving average price is $147.12. 3M Company has a one year low of $121.98 and a one year high of $164.15. The stock has a market cap of $82.14 billion, a PE ratio of 21.45, a P/E/G ratio of 2.95 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.15. The firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. 3M's quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.93 earnings per share. On average, research analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M's dividend payout ratio is presently 40.61%.

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.