Public Sector Pension Investment Board Grows Stock Position in 3M Company (NYSE:MMM)

Key Points

• The Public Sector Pension Investment Board increased its stake in 3M Company by 9.1%, acquiring an additional 6,175 shares, bringing their total holdings to 73,713 shares valued at approximately $10.8 million.
• Multiple hedge funds adjusted their positions in 3M, with notable increases including AIA Group Ltd raising its holdings by 535.8% during the first quarter.
• 3M reported quarterly earnings of $2.16 per share, surpassing analysts' estimates, with a revenue of $6.16 billion reflecting a year-over-year increase of 1.4%.

Public Sector Pension Investment Board boosted its stake in shares of 3M Company (NYSE:MMM - Free Report) by 9.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,713 shares of the conglomerate's stock after buying an additional 6,175 shares during the period. Public Sector Pension Investment Board's holdings in 3M were worth $10,825,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. REAP Financial Group LLC increased its position in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 94 shares during the period. Curat Global LLC acquired a new position in shares of 3M in the 1st quarter valued at $29,000. Pinney & Scofield Inc. acquired a new position in shares of 3M in the 4th quarter valued at $28,000. Intelligent Financial Strategies acquired a new position in shares of 3M in the 1st quarter valued at $42,000. Finally, Investment Management Corp VA ADV increased its position in shares of 3M by 173.6% in the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate's stock valued at $44,000 after acquiring an additional 191 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

3M stock traded down $4.39 during midday trading on Friday, reaching $152.26. The company had a trading volume of 3,921,103 shares, compared to its average volume of 4,231,796. The company has a market capitalization of $81.10 billion, a P/E ratio of 21.18, a P/E/G ratio of 3.03 and a beta of 1.05. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15. The firm's fifty day simple moving average is $150.97 and its 200-day simple moving average is $147.19. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating analysts' consensus estimates 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% compared to the same quarter last year. During the same period last year, the company posted $1.93 EPS. As a group, equities analysts anticipate that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be 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 40.61%.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction 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. This trade represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,401 shares of company stock valued at $2,600,803 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MMM has been the topic of several research reports. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research report on Friday, July 18th. Royal Bank Of Canada increased their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Citigroup increased 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 reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Thursday. Finally, Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of "Hold" and an average target price of $158.10.

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.