Teacher Retirement System of Texas Increases Stock Holdings in 3M (NYSE:MMM)

Teacher Retirement System of Texas lifted its holdings in 3M (NYSE:MMM - Free Report) by 59.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 747,954 shares of the conglomerate's stock after acquiring an additional 280,015 shares during the quarter. Teacher Retirement System of Texas owned 0.14% of 3M worth $96,553,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Financial Life Planners acquired a new stake in shares of 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC acquired a new stake in shares of 3M in the fourth quarter worth approximately $26,000. FSA Wealth Management LLC purchased a new stake in shares of 3M during the third quarter worth $27,000. Daymark Wealth Partners LLC raised its holdings in 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after acquiring an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC lifted its position in 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after buying an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MMM shares. Royal Bank of Canada restated an "underperform" rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Saturday. Citigroup increased their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Barclays raised their price target on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.13.

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3M Stock Up 2.0 %

NYSE:MMM traded up $2.99 during trading hours on Monday, hitting $153.35. The company's stock had a trading volume of 3,207,739 shares, compared to its average volume of 4,027,573. 3M has a 52-week low of $85.62 and a 52-week high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $83.25 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The stock has a fifty day moving average of $148.35 and a 200-day moving average of $137.55.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business's quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter last year, the company earned $2.42 EPS. On average, equities analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M's dividend payout ratio is presently 38.68%.

Insider Activity at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael F. Roman sold 49,598 shares of the company's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the sale, the chairman now directly owns 180,895 shares of the company's stock, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 in the last ninety days. 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.