New York State Teachers Retirement System Has $61.90 Million Stock Holdings in 3M (NYSE:MMM)

New York State Teachers Retirement System lessened its holdings in shares of 3M (NYSE:MMM - Free Report) by 4.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 479,494 shares of the conglomerate's stock after selling 23,869 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of 3M worth $61,898,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC increased its holdings in shares of 3M by 1,450.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 2,419 shares of the conglomerate's stock worth $331,000 after purchasing an additional 2,263 shares during the period. Creative Planning grew its position in 3M by 1.0% during the third quarter. Creative Planning now owns 153,238 shares of the conglomerate's stock worth $20,948,000 after buying an additional 1,475 shares in the last quarter. Cornerstone Wealth Management LLC increased its stake in 3M by 12.0% during the third quarter. Cornerstone Wealth Management LLC now owns 10,606 shares of the conglomerate's stock valued at $1,450,000 after acquiring an additional 1,139 shares during the period. Hengehold Capital Management LLC acquired a new position in 3M in the 3rd quarter valued at approximately $228,000. Finally, Global Retirement Partners LLC lifted its position in shares of 3M by 104.0% in the 3rd quarter. Global Retirement Partners LLC now owns 12,754 shares of the conglomerate's stock worth $1,743,000 after acquiring an additional 6,503 shares during the period. Institutional investors own 65.25% of the company's stock.

Analyst Ratings Changes

MMM has been the subject of a number of recent research reports. Bank of America upped their target price on 3M from $160.00 to $175.00 and gave the company a "buy" rating in a research note on Wednesday, January 22nd. Barclays raised their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Weiss Ratings reissued a "hold (c)" rating on shares of 3M in a research note on Saturday, February 1st. JPMorgan Chase & Co. raised their price target on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 22nd. Finally, Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $148.87.

3M Price Performance

3M stock traded up $0.23 on Tuesday, reaching $148.85. The company's stock had a trading volume of 2,544,042 shares, compared to its average volume of 3,955,163. 3M has a twelve month low of $75.40 and a twelve month high of $155.00. The company has a market cap of $80.81 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 3.37 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The business's fifty day moving average price is $139.15 and its 200 day moving average price is $134.03.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) 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 the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm's quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 EPS. Equities analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a $0.73 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.96%. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is currently 37.09%.

Insider Buying and Selling

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

3M 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.