52,774 Shares in 3M (NYSE:MMM) Acquired by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky bought a new stake in 3M (NYSE:MMM – Get Rating) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 52,774 shares of the conglomerate’s stock, valued at approximately $5,832,000.

Several other large investors have also recently added to or reduced their stakes in MMM. Heritage Wealth Management LLC acquired a new stake in 3M in the 2nd quarter valued at approximately $41,000. Alaska Permanent Fund Corp increased its position in 3M by 9,440.0% in the 3rd quarter. Alaska Permanent Fund Corp now owns 477 shares of the conglomerate’s stock valued at $53,000 after acquiring an additional 472 shares during the period. JFS Wealth Advisors LLC increased its position in 3M by 55.1% in the 3rd quarter. JFS Wealth Advisors LLC now owns 490 shares of the conglomerate’s stock valued at $54,000 after acquiring an additional 174 shares during the period. TD Capital Management LLC acquired a new stake in 3M in the 3rd quarter valued at approximately $58,000. Finally, Horan Securities Inc. increased its position in 3M by 33.3% in the 3rd quarter. Horan Securities Inc. now owns 593 shares of the conglomerate’s stock valued at $66,000 after acquiring an additional 148 shares during the period. 65.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. StockNews.com assumed coverage on 3M in a research report on Thursday. They issued a “hold” rating on the stock. Royal Bank of Canada lowered their price target on 3M from $113.00 to $106.00 in a research report on Wednesday, January 25th. UBS Group lowered their price target on 3M from $124.00 to $115.00 in a research report on Wednesday, January 25th. Mizuho lowered their price target on 3M from $130.00 to $120.00 and set a “neutral” rating on the stock in a research report on Thursday, January 26th. Finally, Wells Fargo & Company lowered their price target on 3M from $125.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 25th. Three investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $125.92.

3M Stock Performance

MMM opened at $103.02 on Friday. The firm has a market cap of $56.71 billion, a PE ratio of 10.15, a P/E/G ratio of 1.25 and a beta of 0.96. The business has a fifty day simple moving average of $114.23 and a 200-day simple moving average of $118.69. The company has a quick ratio of 0.98, a current ratio of 1.54 and a debt-to-equity ratio of 0.95. 3M has a fifty-two week low of $100.27 and a fifty-two week high of $154.66.

3M (NYSE:MMM – Get Rating) last issued its earnings results on Tuesday, January 24th. The conglomerate reported $2.28 EPS for the quarter, missing the consensus estimate of $2.34 by ($0.06). The business had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.09 billion. 3M had a return on equity of 39.72% and a net margin of 16.88%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the business earned $2.31 EPS. As a group, equities analysts predict that 3M will post 8.65 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, March 12th. Stockholders of record on Friday, February 17th were given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 5.82%. The ex-dividend date of this dividend was Thursday, February 16th. This is a boost from 3M’s previous quarterly dividend of $1.49. 3M’s dividend payout ratio (DPR) is 59.11%.

About 3M

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.