Public Employees Retirement Association of Colorado Trims Stock Position in 3M (NYSE:MMM)

Public Employees Retirement Association of Colorado lessened its holdings in 3M (NYSE:MMM) by 3.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 74,461 shares of the conglomerate’s stock after selling 2,599 shares during the period. Public Employees Retirement Association of Colorado’s holdings in 3M were worth $9,612,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of MMM. Financial Life Planners acquired a new position in shares of 3M in the fourth quarter valued at approximately $25,000. Proficio Capital Partners LLC acquired a new position in shares of 3M in the fourth quarter valued at approximately $26,000. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M in the fourth quarter valued at approximately $27,000. Daymark Wealth Partners LLC raised its position 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 valued at $31,000 after buying an additional 19,552 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its position in shares of 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after buying an additional 214 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM stock opened at $137.88 on Tuesday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company’s fifty day moving average price is $142.90 and its two-hundred day moving average price is $138.29. The firm has a market capitalization of $74.20 billion, a P/E ratio of 18.26, a P/E/G ratio of 3.30 and a beta of 1.01. 3M has a 12 month low of $91.56 and a 12 month high of $156.35.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. On average, research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were paid 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 2.12%. 3M’s payout ratio is 36.87%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on MMM shares. Royal Bank of Canada boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Citigroup dropped their price target on shares of 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. dropped their price target on shares of 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $147.00.

Insider Buying and Selling

In related news, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, 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 legal filing with the SEC, which can be accessed through this link. Also, Chairman Michael F. Roman sold 49,598 shares of the business’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 represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.