3M (NYSE:MMM) Shares Sold by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund cut its holdings in shares of 3M (NYSE:MMM) by 0.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,696 shares of the conglomerate’s stock after selling 270 shares during the period. Oregon Public Employees Retirement Fund’s holdings in 3M were worth $6,028,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. National Pension Service boosted its position in shares of 3M by 20.0% during the fourth quarter. National Pension Service now owns 1,521,626 shares of the conglomerate’s stock worth $196,427,000 after buying an additional 253,623 shares during the period. DMKC Advisory Services LLC acquired a new position in shares of 3M during the fourth quarter worth approximately $3,594,000. Bank of New York Mellon Corp boosted its position in shares of 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after buying an additional 479,621 shares during the period. Pine Valley Investments Ltd Liability Co lifted its position in 3M by 1.9% in the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 102,635 shares of the conglomerate’s stock worth $13,249,000 after purchasing an additional 1,961 shares during the period. Finally, IFP Advisors Inc lifted its position in 3M by 220.7% in the fourth quarter. IFP Advisors Inc now owns 9,331 shares of the conglomerate’s stock worth $1,205,000 after purchasing an additional 6,421 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

NYSE:MMM opened at $147.39 on Thursday. 3M has a 1 year low of $75.40 and a 1 year high of $155.00. The firm has a 50 day moving average of $141.75 and a 200-day moving average of $135.09. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $80.02 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 3.30 and a beta of 0.96.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter in the previous year, the company posted $2.42 earnings per share. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.98%. The ex-dividend date is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is 38.68%.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred 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 owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at $662,329.15. This trade represents a 34.33 % 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.

Analysts Set New Price Targets

MMM has been the subject of a number of research analyst reports. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 target price on shares of 3M in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. upped their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued 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 a consensus price target of $148.87.

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.