State of Michigan Retirement System increased its holdings in shares of 3M (NYSE:MMM – Free Report) by 0.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC) on Form 13F. The institutional investor owned 169,505 shares of the conglomerate after acquiring an additional 200 shares during the period. State of Michigan Retirement System’s holdings in 3M were worth $17,979,000 at the end of the most recent reporting period.
Several other institutional investors have also recently changed their holdings in MMM. Fragasso Group Inc. increased its position in shares of 3M by 3.8% in the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate worth $239,000 after purchasing an additional 93 shares in the last quarter. Bangor Savings Bank increased its position in shares of 3M by 1.0% in the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate worth $1,147,000 after purchasing an additional 104 shares in the last quarter. Allen Capital Group LLC increased its position in shares of 3M by 0.5% in the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate worth $2,288,000 after purchasing an additional 105 shares in the last quarter. Summit Financial Group Inc. grew its position in 3M by 3.4% in the first quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock worth $352,000 after acquiring an additional 110 shares in the last quarter. Finally, Allegheny Financial Group LTD increased its stake in 3M by 2.3% in the fourth quarter. Allegheny Financial Group LTD now owns 5,032 shares of the conglomerate’s stock worth $550,000 after acquiring an additional 113 shares in the last quarter. 65.25% of the shares are currently owned by institutional investors and hedge funds.
3M trading up 1.0%
NYSE:MMM opened at $101.62 on Wednesday. The company has a 50-day moving average of $99.39 and a 200-day moving average of $99.18. 3M has a 1-year low of $71.12 and a 1-year high of $106.04. The stock has a market cap of $56.23 billion, a price-to-earnings ratio of -7.99, a PEG ratio of 1.90 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.
3M (NYSE:MMM – Get Free Report) last released its quarterly earnings results on Tuesday, April 30. The conglomerate reported earnings per share of $2.39 for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The company had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. In the same quarter last year, the company reported earnings per share of $1.97. Equities analysts forecast that 3M will post earnings per share of $7.17 for the current year.
3M cuts dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12. Shareholders of record on Friday, May 24th were paid a dividend of $0.70. The ex-dividend date of this dividend was Thursday, May 23rd. This represents an annualized dividend of $2.80 and a dividend yield of 2.76%. 3M’s dividend payout ratio is currently -22.01%.
Wall Street analysts comment
Several analysts have recently commented on the stock. StockNews.com began coverage on shares of 3M in a research report on Thursday, June 6th. They gave the stock a “buy” rating. Mizuho reiterated a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. UBS Group increased their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Citigroup increased their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, Barclays raised their price target on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, May 28. One investment analyst has rated the stock a “sell,” five have “hold” and seven have assigned the company a “buy.” Based on data from MarketBeat.com, 3M has an average rating of “hold” and an average price target of $111.58.
Get our latest report on MMM
3M Company Profile
(Free report)
The 3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial business offers industrial abrasives and finishing products for metal fabrication, auto body repair solutions, personal care closure systems, masking and packaging materials, electrical products and materials for construction and maintenance, power distribution and electrical equipment original equipment manufacturers, structural adhesives and tapes, respiratory, hearing, eye and fall protection solutions, and natural and color-coated mineral aggregates for roofing shingles.
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