Kentucky Retirement Systems Insurance Trust Fund Sells 6,832 Shares of 3M Company (NYSE:MMM)

Kentucky Retirement Systems Insurance Trust Fund cut its stake in 3M Company (NYSE:MMM - Free Report) by 30.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,818 shares of the conglomerate's stock after selling 6,832 shares during the period. Kentucky Retirement Systems Insurance Trust Fund's holdings in 3M were worth $2,323,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MMM. REAP Financial Group LLC boosted its position in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. Curat Global LLC bought a new position in shares of 3M during the 1st quarter worth approximately $29,000. Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the 4th quarter worth approximately $27,000. Pinney & Scofield Inc. bought a new position in shares of 3M during the 4th quarter worth approximately $28,000. Finally, Meeder Asset Management Inc. boosted its stake in 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after acquiring an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MMM. Bank of America increased their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Royal Bank Of Canada increased their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. increased their price target on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Barclays increased their price target on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Wednesday, June 11th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, 3M presently has an average rating of "Moderate Buy" and an average target price of $155.83.

3M Stock Up 0.9%

MMM opened at $143.85 on Monday. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. The company's 50-day moving average is $143.11 and its 200 day moving average is $142.28. 3M Company has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The firm has a market capitalization of $77.42 billion, a P/E ratio of 18.16, a PEG ratio of 2.99 and a beta of 1.03.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS 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 firm had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. Research analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

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 dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.03%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Insider Transactions at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president now owns 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 disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

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.

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