3M Company (NYSE:MMM) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund decreased its holdings in 3M Company (NYSE:MMM - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,907 shares of the conglomerate's stock after selling 6,118 shares during the quarter. Illinois Municipal Retirement Fund's holdings in 3M were worth $7,917,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Proficio Capital Partners LLC purchased a new stake in 3M in the 4th quarter valued at $26,000. REAP Financial Group LLC raised its position in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. purchased a new position in 3M during the 4th quarter worth $27,000. Pinney & Scofield Inc. purchased a new position in 3M during the 4th quarter worth $28,000. Finally, Curat Global LLC purchased a new position in 3M during the 1st quarter worth $29,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Activity at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm'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 sale, the executive vice president now directly owns 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Trading Up 0.9%

Shares of MMM stock traded up $1.43 during trading hours on Friday, hitting $152.19. 3,891,486 shares of the company were exchanged, compared to its average volume of 3,796,276. The firm has a market cap of $81.90 billion, a PE ratio of 19.22, a PEG ratio of 3.15 and a beta of 1.03. 3M Company has a 1 year low of $98.26 and a 1 year high of $156.35. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. The firm has a fifty day moving average of $144.83 and a 200 day moving average of $142.85.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. Analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm 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 1.92%. 3M's payout ratio is 36.87%.

Wall Street Analyst Weigh In

A number of brokerages have commented on MMM. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Friday. JPMorgan Chase & Co. increased their price target on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Citigroup increased their price objective on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, Barclays increased their price objective on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. 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 company's stock. According to data from MarketBeat, 3M currently has an average rating of "Moderate Buy" and an average price target of $155.83.

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.