State of Alaska Department of Revenue Lowers Stock Position in 3M (NYSE:MMM)

State of Alaska Department of Revenue decreased its position in 3M (NYSE:MMM - Free Report) by 15.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 79,632 shares of the conglomerate's stock after selling 14,230 shares during the quarter. State of Alaska Department of Revenue's holdings in 3M were worth $10,885,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Tributary Capital Management LLC purchased a new position in 3M during the 1st quarter valued at about $25,000. MFA Wealth Advisors LLC purchased a new position in shares of 3M during the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC increased its stake in shares of 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock valued at $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. raised its holdings in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock valued at $30,000 after acquiring an additional 121 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock worth $31,000 after acquiring an additional 269 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the firm's stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares of the company's stock, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MMM. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Royal Bank of Canada boosted their price target on shares of 3M from $99.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, October 23rd. StockNews.com lowered shares of 3M from a "buy" rating to a "hold" rating in a report on Monday, July 29th. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley began coverage on 3M in a research report on Friday, September 6th. They issued an "underweight" rating and a $125.00 target price for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $139.27.

3M Stock Up 4.4 %

Shares of NYSE MMM traded up $5.53 during midday trading on Monday, hitting $130.28. The stock had a trading volume of 5,238,381 shares, compared to its average volume of 4,950,748. The business's 50 day moving average is $133.07 and its 200-day moving average is $114.44. 3M has a 52 week low of $73.15 and a 52 week high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company has a market cap of $72.09 billion, a P/E ratio of -10.24, a PEG ratio of 2.42 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analysts' expectations of $6.06 billion. During the same period in the prior year, the firm posted $2.68 EPS. The firm's quarterly revenue was down 24.3% on a year-over-year basis. As a group, analysts predict that 3M will post 7.26 EPS for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.15%. 3M's payout ratio is -22.01%.

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.