3M (NYSE:MMM) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lessened its holdings in shares of 3M (NYSE:MMM) by 2.5% during the 4th quarter, Holdings Channel reports. The firm owned 121,726 shares of the conglomerate’s stock after selling 3,084 shares during the period. Retirement Systems of Alabama’s holdings in 3M were worth $13,307,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Fragasso Group Inc. lifted its position in shares of 3M by 3.8% during the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after purchasing an additional 93 shares in the last quarter. Bangor Savings Bank raised its holdings in 3M by 1.0% in the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after acquiring an additional 104 shares in the last quarter. Allen Capital Group LLC raised its holdings in 3M by 0.5% in the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after acquiring an additional 105 shares in the last quarter. N.E.W. Advisory Services LLC raised its holdings in 3M by 4.0% in the third quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after acquiring an additional 111 shares in the last quarter. Finally, Money Concepts Capital Corp raised its holdings in 3M by 5.3% in the third quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock valued at $210,000 after acquiring an additional 112 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.34% of the stock is currently owned by insiders.

3M Stock Up 2.0 %

Shares of MMM opened at $98.42 on Thursday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.76 and a current ratio of 1.64. The company’s 50 day simple moving average is $95.96 and its 200-day simple moving average is $97.55. 3M has a 12-month low of $71.12 and a 12-month high of $99.70.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period last year, the firm posted $1.97 earnings per share. Sell-side analysts expect that 3M will post 7.05 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.14%. 3M’s dividend payout ratio (DPR) is -47.48%.

Analyst Ratings Changes

MMM has been the topic of several analyst reports. Royal Bank of Canada raised their target price on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday. Mizuho reissued a “neutral” rating and set a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Wells Fargo & Company cut their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. Bank of America cut their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Finally, StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.70.

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.