California Public Employees Retirement System Decreases Holdings in 3M (NYSE:MMM)

California Public Employees Retirement System reduced its stake in 3M (NYSE:MMM - Free Report) by 4.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,460,102 shares of the conglomerate's stock after selling 71,140 shares during the period. California Public Employees Retirement System owned 0.27% of 3M worth $188,485,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MMM. Financial Life Planners acquired a new stake in 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M in the fourth quarter valued at about $26,000. FSA Wealth Management LLC acquired a new position in shares of 3M in the third quarter valued at about $27,000. Daymark Wealth Partners LLC increased its position in 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after acquiring an additional 19,552 shares during the period. Finally, ORG Partners LLC raised its stake in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after purchasing an additional 98 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MMM has been the topic of a number of analyst reports. Citigroup increased their target price 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. JPMorgan Chase & Co. increased their price target on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Finally, Royal Bank of Canada reaffirmed an "underperform" rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and an average price target of $149.13.

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3M Trading Up 0.6 %

NYSE MMM traded up $0.88 on Tuesday, hitting $147.74. The company's stock had a trading volume of 3,641,250 shares, compared to its average volume of 4,132,815. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 1-year low of $88.23 and a 1-year high of $156.35. The firm has a market cap of $79.68 billion, a PE ratio of 19.57, a PEG ratio of 3.30 and a beta of 0.97. The company's 50-day moving average is $149.72 and its 200 day moving average is $138.39.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion for the quarter, compared to analysts' expectations of $5.77 billion. During the same period in the prior year, the business posted $2.42 earnings per share. The firm's revenue was down 25.0% on a year-over-year basis. As a group, analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.98%. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's payout ratio is currently 38.68%.

Insider Activity at 3M

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last 90 days. Corporate insiders own 0.34% of the company's stock.

About 3M

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.