South Dakota Investment Council Trims Stake in 3M Company (NYSE:MMM)

South Dakota Investment Council trimmed its stake in shares of 3M Company (NYSE:MMM - Free Report) by 28.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,904 shares of the conglomerate's stock after selling 4,375 shares during the quarter. South Dakota Investment Council's holdings in 3M were worth $1,601,000 at the end of the most recent reporting period.

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

Insider Activity at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president owned 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Stock Down 0.2%

3M stock traded down $0.34 during mid-day trading on Thursday, reaching $150.48. The stock had a trading volume of 1,821,703 shares, compared to its average volume of 3,889,297. The company has a market capitalization of $80.15 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 3.09 and a beta of 1.02. The company has a 50-day moving average price of $150.02 and a two-hundred day moving average price of $145.88. 3M Company has a one year low of $101.77 and a one year high of $164.15. 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 announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. The company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. 3M's revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 EPS. On average, analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.94%. 3M's dividend payout ratio is currently 40.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Royal Bank Of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Barclays set a $170.00 price objective on shares of 3M in a research note on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Saturday, July 12th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research note on Friday, July 18th. Finally, Citigroup increased their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $156.33.

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.