Teachers Retirement System of The State of Kentucky decreased its holdings in 3M (NYSE:MMM) by 7.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 47,835 shares of the conglomerate’s stock after selling 3,750 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in 3M were worth $8,361,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Financial Avengers Inc. acquired a new stake in 3M during the fourth quarter valued at approximately $26,000. Newfound Research LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $41,000. Wolff Wiese Magana LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $49,000. Diversified LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $53,000. Finally, Oder Investment Management LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $59,000. Hedge funds and other institutional investors own 64.68% of the company’s stock.
A number of analysts have recently weighed in on the company. Morgan Stanley increased their price target on 3M from $176.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 12th. Barclays increased their price target on 3M from $163.00 to $180.00 and gave the stock an “underweight” rating in a research report on Tuesday. Credit Suisse Group increased their price target on 3M from $197.00 to $202.00 and gave the stock an “outperform” rating in a research report on Monday, March 29th. Citigroup increased their price target on 3M from $185.00 to $188.00 in a research report on Wednesday, January 27th. Finally, Bank of America lowered 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price objective for the company. in a report on Thursday, January 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $184.33.
3M (NYSE:MMM) last issued its quarterly earnings results on Monday, January 25th. The conglomerate reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The firm had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.39 billion. 3M had a return on equity of 44.77% and a net margin of 15.65%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period last year, the company posted $2.15 EPS. On average, research analysts predict that 3M will post 8.56 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 12th. Shareholders of record on Friday, February 12th were paid a dividend of $1.48 per share. This is a positive change from 3M’s previous quarterly dividend of $1.47. This represents a $5.92 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend was Thursday, February 11th. 3M’s dividend payout ratio (DPR) is presently 65.05%.
In other news, EVP Michael G. Vale sold 30,875 shares of the firm’s stock in a transaction on Friday, January 29th. The stock was sold at an average price of $175.53, for a total transaction of $5,419,488.75. Following the completion of the sale, the executive vice president now directly owns 79,155 shares of the company’s stock, valued at approximately $13,894,077.15. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.42% of the company’s stock.
3M Company Profile
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
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