Strs Ohio Makes New Investment in 3M Company $MMM

Key Points

• Strs Ohio has made a new investment in 3M Company, acquiring 205,598 shares valued at approximately $30.19 million during the 1st quarter.
• 3M recently reported an EPS of $2.16 for the last quarter, exceeding analysts' expectations, with a net margin of 16.01% and quarterly revenue of $6.16 billion.
• The company declared a quarterly dividend of $0.73, with a 1.8% yield, set to be paid on September 12th to shareholders recorded on August 25th.

Strs Ohio bought a new position in 3M Company (NYSE:MMM - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 205,598 shares of the conglomerate's stock, valued at approximately $30,194,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Gravity Asset Management Inc. bought a new stake in 3M in the first quarter worth $2,506,000. Synergy Asset Management LLC grew its position in 3M by 122.7% during the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after acquiring an additional 2,486 shares during the last quarter. Northstar Group Inc. bought a new stake in shares of 3M in the 1st quarter worth approximately $262,000. Dynamic Advisor Solutions LLC purchased a new position in shares of 3M during the first quarter valued at approximately $786,000. Finally, Retirement Systems of Alabama raised its holdings in shares of 3M by 210.6% during the first quarter. Retirement Systems of Alabama now owns 366,236 shares of the conglomerate's stock valued at $53,785,000 after acquiring an additional 248,333 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

MMM traded up $0.39 on Wednesday, hitting $156.89. 787,476 shares of the company's stock traded hands, compared to its average volume of 3,713,234. The company's 50 day simple moving average is $154.20 and its 200-day simple moving average is $148.02. The firm has a market cap of $83.56 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 2.84 and a beta of 1.04. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.15. The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The firm's quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the company earned $1.93 EPS. As a group, research 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 was paid on Friday, September 12th. Investors of record on Monday, August 25th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, August 25th. 3M's dividend payout ratio (DPR) is 40.61%.

Insider Activity at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at $385,763.43. The trade was a 57.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the sale, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently commented on MMM shares. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Citigroup increased their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Saturday. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $161.78.

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.