3M (NYSE:MMM) Position Reduced by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado decreased its position in shares of 3M (NYSE:MMM) by 1.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,066 shares of the conglomerate’s stock after selling 1,258 shares during the period. Public Employees Retirement Association of Colorado’s holdings in 3M were worth $7,875,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Brighton Jones LLC raised its stake in 3M by 1.8% during the 2nd quarter. Brighton Jones LLC now owns 8,856 shares of the conglomerate’s stock valued at $905,000 after purchasing an additional 157 shares during the period. Intech Investment Management LLC boosted its holdings in 3M by 17.6% in the second quarter. Intech Investment Management LLC now owns 34,758 shares of the conglomerate’s stock worth $3,552,000 after purchasing an additional 5,205 shares in the last quarter. Burgundy Asset Management Ltd. boosted its holdings in 3M by 88.9% in the second quarter. Burgundy Asset Management Ltd. now owns 85,000 shares of the conglomerate’s stock worth $8,686,000 after purchasing an additional 40,000 shares in the last quarter. XTX Topco Ltd boosted its holdings in 3M by 56.1% in the second quarter. XTX Topco Ltd now owns 39,737 shares of the conglomerate’s stock worth $4,061,000 after purchasing an additional 14,278 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC grew its position in shares of 3M by 606.3% in the second quarter. Mark Sheptoff Financial Planning LLC now owns 8,038 shares of the conglomerate’s stock valued at $821,000 after purchasing an additional 6,900 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MMM. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, July 30th. Barclays increased their target price on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Wells Fargo & Company increased their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a research note on Thursday, June 13th. Finally, StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $124.43.

3M Price Performance

Shares of NYSE:MMM opened at $134.77 on Friday. The company has a market cap of $74.58 billion, a price-to-earnings ratio of -10.60, a PEG ratio of 2.41 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The firm has a 50 day simple moving average of $124.63 and a 200 day simple moving average of $107.91. 3M has a one year low of $71.12 and a one year high of $135.32.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period in the prior year, the company posted $2.17 EPS. Research analysts predict that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is -22.01%.

Insiders Place Their Bets

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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.