3M (NYSE:MMM) Stock Holdings Trimmed by Utah Retirement Systems

Utah Retirement Systems lowered its holdings in shares of 3M (NYSE:MMM) by 4.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,977 shares of the conglomerate’s stock after selling 4,800 shares during the period. Utah Retirement Systems’ holdings in 3M were worth $20,805,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hartford Investment Management Co. raised its stake in shares of 3M by 2.6% in the 1st quarter. Hartford Investment Management Co. now owns 71,567 shares of the conglomerate’s stock worth $13,790,000 after buying an additional 1,806 shares in the last quarter. Altium Wealth Management LLC raised its position in shares of 3M by 14.3% during the first quarter. Altium Wealth Management LLC now owns 12,440 shares of the conglomerate’s stock worth $2,397,000 after purchasing an additional 1,557 shares during the period. Providence First Trust Co acquired a new stake in shares of 3M during the first quarter worth $2,387,000. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of 3M during the first quarter worth $2,520,000. Finally, Beacon Harbor Wealth Advisors Inc. raised its position in shares of 3M by 30.8% during the first quarter. Beacon Harbor Wealth Advisors Inc. now owns 22,204 shares of the conglomerate’s stock worth $4,278,000 after purchasing an additional 5,226 shares during the period. 66.59% of the stock is currently owned by institutional investors.

Shares of NYSE MMM traded down $1.61 during trading hours on Thursday, hitting $199.16. 11,081 shares of the company’s stock were exchanged, compared to its average volume of 2,353,665. 3M has a 1-year low of $148.80 and a 1-year high of $208.95. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.83 and a quick ratio of 1.30. The stock has a market cap of $115.45 billion, a PE ratio of 20.49, a price-to-earnings-growth ratio of 2.16 and a beta of 0.96. The firm has a 50-day moving average of $200.31.

3M (NYSE:MMM) last posted its quarterly earnings data on Monday, April 26th. The conglomerate reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.48. 3M had a return on equity of 44.00% and a net margin of 17.34%. The business had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.43 billion. During the same quarter in the previous year, the firm earned $2.16 EPS. The firm’s revenue was up 9.6% compared to the same quarter last year. On average, research analysts predict that 3M will post 9.78 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, June 12th. Investors of record on Friday, May 21st were given a dividend of $1.48 per share. The ex-dividend date was Thursday, May 20th. This represents a $5.92 annualized dividend and a dividend yield of 2.97%. 3M’s dividend payout ratio is presently 67.73%.

MMM has been the topic of a number of recent analyst reports. Morgan Stanley boosted their target price on 3M from $188.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Monday, April 12th. Royal Bank of Canada lifted their price target on 3M from $198.00 to $200.00 and gave the company a “sector perform” rating in a report on Wednesday, April 28th. Barclays lifted their price target on 3M from $163.00 to $180.00 and gave the company an “underweight” rating in a report on Tuesday, April 6th. Wolfe Research downgraded 3M from a “peer perform” rating to an “underperform” rating and lowered their price target for the company from $218.00 to $215.00 in a report on Monday, July 12th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on 3M from $199.00 to $196.00 and set a “hold” rating on the stock in a report on Wednesday, July 14th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $195.17.

In other 3M news, VP Ivan K. Fong sold 12,059 shares of the company’s stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $198.46, for a total value of $2,393,229.14. Following the completion of the transaction, the vice president now owns 47,872 shares of the company’s stock, valued at approximately $9,500,677.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.34% of the company’s stock.

3M Company Profile

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, and Consumer. 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.

See Also: Roth IRA

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

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