Maryland State Retirement & Pension System Has $3.77 Million Stake in 3M (NYSE:MMM)

Maryland State Retirement & Pension System cut its holdings in shares of 3M (NYSE:MMM - Free Report) by 7.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,228 shares of the conglomerate's stock after selling 2,338 shares during the quarter. Maryland State Retirement & Pension System's holdings in 3M were worth $3,773,000 at the end of the most recent quarter.

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

3M Stock Up 2.0 %

MMM traded up $2.99 during trading on Monday, hitting $153.35. The company had a trading volume of 3,207,739 shares, compared to its average volume of 4,027,573. The firm's 50-day moving average price is $148.35 and its 200 day moving average price is $137.55. The company has a market capitalization of $83.25 billion, a PE ratio of 20.31, a PEG ratio of 3.30 and a beta of 0.97. 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 one year low of $85.62 and a one year high of $156.35.

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

3M Increases Dividend

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

Insider Activity

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction on 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 owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on MMM. Royal Bank of Canada restated an "underperform" rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Bank of America increased their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Saturday. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Citigroup lifted their price objective on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and an average price target of $149.13.

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.