California State Teachers Retirement System Grows Stake in 3M Company $MMM

Key Points

• California State Teachers Retirement System dramatically increased its 3M stake by purchasing 129.2 million additional shares in the second quarter, bringing its ownership to about 25.21% of the company, valued at roughly $21.05 billion.
• Analyst views remain mixed: eight analysts rate 3M a Buy, five rate it Hold and two rate it Sell, resulting in a consensus Hold rating and an average price target of $177.21.
• 3M beat quarterly expectations with EPS of $2.40 versus $2.25 forecast and revenue of $6.50 billion, while maintaining a quarterly dividend of $0.78 per share, equivalent to a 1.9% yield.

California State Teachers Retirement System raised its position in 3M Company (NYSE:MMM - Free Report) by 16,438.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 129,994,625 shares of the conglomerate's stock after purchasing an additional 129,208,611 shares during the period. California State Teachers Retirement System owned about 25.21% of 3M worth $21,047,430,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Ameritas Advisory Services LLC increased its stake in shares of 3M by 163.1% during the 2nd quarter. Ameritas Advisory Services LLC now owns 11,465 shares of the conglomerate's stock valued at $1,856,000 after acquiring an additional 7,108 shares during the last quarter. Wedmont Private Capital raised its stake in shares of 3M by 18.5% in the 2nd quarter. Wedmont Private Capital now owns 5,203 shares of the conglomerate's stock valued at $820,000 after acquiring an additional 813 shares during the period. Widmann Financial Services Inc. lifted its stake in shares of 3M by 6.4% during the second quarter. Widmann Financial Services Inc. now owns 4,280 shares of the conglomerate's stock worth $693,000 after purchasing an additional 256 shares in the last quarter. HB Wealth Management LLC raised its holdings in shares of 3M by 1.8% during the 2nd quarter. HB Wealth Management LLC now owns 31,943 shares of the conglomerate's stock valued at $5,172,000 after buying an additional 555 shares during the period. Finally, HF Advisory Group LLC lifted its position in 3M by 8.3% during the 2nd quarter. HF Advisory Group LLC now owns 1,846 shares of the conglomerate's stock worth $299,000 after acquiring an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Buying and Selling

In other news, insider Karin Chavez sold 3,635 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total transaction of $663,423.85. Following the completion of the transaction, the insider directly owned 14,035 shares of the company's stock, valued at approximately $2,561,527.85. This represents a 20.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MMM shares. Sanford C. Bernstein boosted their target price on shares of 3M from $140.00 to $145.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 22nd. UBS Group raised their price target on shares of 3M from $190.00 to $218.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. raised shares of 3M from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $178.00 to $180.00 in a research note on Friday, July 17th. Mizuho boosted their price objective on shares of 3M from $160.00 to $180.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $192.00 target price on shares of 3M in a research note on Wednesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, 3M currently has a consensus rating of "Hold" and an average target price of $177.21.

3M Stock Down 0.1%

NYSE:MMM opened at $168.44 on Tuesday. The company has a debt-to-equity ratio of 3.63, a quick ratio of 0.91 and a current ratio of 1.24. The company has a market capitalization of $86.87 billion, a price-to-earnings ratio of 29.92, a price-to-earnings-growth ratio of 2.22 and a beta of 1.01. 3M Company has a one year low of $139.34 and a one year high of $184.90. The stock has a 50-day simple moving average of $171.69 and a 200 day simple moving average of $159.27.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The conglomerate reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.15. The firm had revenue of $6.50 billion for the quarter, compared to analysts' expectations of $6.40 billion. 3M had a return on equity of 115.87% and a net margin of 11.90%.3M's revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.16 earnings per share. 3M has set its FY 2026 guidance at 8.800-8.950 EPS. Sell-side analysts predict that 3M Company will post 8.96 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 24th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $3.12 dividend on an annualized basis and a yield of 1.9%. 3M's dividend payout ratio (DPR) is currently 55.42%.

About 3M

3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.

3M's businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).

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