State of Michigan Retirement System Buys 200 Shares of 3M (NYSE:MMM)

State of Michigan Retirement System raised its position in shares of 3M (NYSE:MMMFree Report) by 0.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 169,505 shares of the conglomerate’s stock after purchasing an additional 200 shares during the period. State of Michigan Retirement System’s holdings in 3M were worth $17,979,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of MMM. Fragasso Group Inc. lifted its position in shares of 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after buying an additional 93 shares in the last quarter. Bangor Savings Bank grew its position in shares of 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after purchasing an additional 104 shares in the last quarter. Allen Capital Group LLC grew its position in shares of 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after purchasing an additional 105 shares in the last quarter. Summit Financial Group Inc. grew its position in 3M by 3.4% in the first quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock worth $352,000 after acquiring an additional 110 shares in the last quarter. Finally, Allegheny Financial Group LTD lifted its stake in 3M by 2.3% in the fourth quarter. Allegheny Financial Group LTD now owns 5,032 shares of the conglomerate’s stock worth $550,000 after purchasing an additional 113 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Up 1.0 %

NYSE:MMM opened at $101.62 on Wednesday. The business has a fifty day moving average of $99.39 and a 200-day moving average of $99.18. 3M has a 1 year low of $71.12 and a 1 year high of $106.04. The stock has a market cap of $56.23 billion, a price-to-earnings ratio of -7.99, a PEG ratio of 1.90 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

3M (NYSE:MMMGet Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the prior year, the firm posted $1.97 EPS. Equities analysts predict that 3M will post 7.17 earnings per share for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.76%. 3M’s dividend payout ratio is currently -22.01%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. StockNews.com began coverage on shares of 3M in a research report on Thursday, June 6th. They set a “buy” rating on the stock. Mizuho reissued a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. UBS Group boosted their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Citigroup upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, Barclays upped their price objective on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, 3M has an average rating of “Hold” and an average target price of $111.58.

Get Our Latest Report on MMM

3M Company Profile

(Free Report)

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.

Featured Stories

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.