Kentucky Retirement Systems Grows Position in 3M (NYSE:MMM)

Kentucky Retirement Systems lifted its stake in 3M (NYSE:MMMGet Rating) by 1.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,679 shares of the conglomerate’s stock after purchasing an additional 565 shares during the quarter. Kentucky Retirement Systems’ holdings in 3M were worth $6,160,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MMM. DB Fitzpatrick & Co Inc purchased a new stake in 3M in the fourth quarter worth about $29,000. Goodwin Investment Advisory bought a new stake in shares of 3M in the 3rd quarter worth about $30,000. Avion Wealth boosted its holdings in 3M by 77.7% during the 3rd quarter. Avion Wealth now owns 183 shares of the conglomerate’s stock valued at $32,000 after acquiring an additional 80 shares during the period. Atticus Wealth Management LLC purchased a new position in 3M in the 4th quarter worth about $36,000. Finally, US Asset Management LLC purchased a new stake in shares of 3M in the third quarter valued at approximately $40,000. 66.06% of the stock is currently owned by hedge funds and other institutional investors.

Shares of MMM stock traded down $2.48 on Monday, reaching $146.18. 1,774,845 shares of the company were exchanged, compared to its average volume of 3,386,818. The company has a market cap of $83.20 billion, a price-to-earnings ratio of 14.43, a P/E/G ratio of 1.52 and a beta of 0.97. 3M has a 1 year low of $139.74 and a 1 year high of $208.95. The business has a 50-day moving average price of $149.34 and a 200 day moving average price of $167.12. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.15 and a current ratio of 1.70.

3M (NYSE:MMMGet Rating) last posted its quarterly earnings data on Tuesday, January 25th. The conglomerate reported $2.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.28. The company had revenue of $8.61 billion during the quarter, compared to analyst estimates of $8.58 billion. 3M had a return on equity of 40.84% and a net margin of 16.75%. 3M’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $2.38 EPS. As a group, equities analysts anticipate that 3M will post 10.22 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Saturday, March 12th. Investors of record on Friday, February 18th were given a dividend of $1.49 per share. This represents a $5.96 annualized dividend and a dividend yield of 4.08%. This is a boost from 3M’s previous quarterly dividend of $1.48. The ex-dividend date was Thursday, February 17th. 3M’s payout ratio is presently 58.89%.

A number of equities analysts have commented on the stock. Barclays reduced their target price on shares of 3M from $170.00 to $155.00 and set an “underweight” rating for the company in a report on Monday, April 4th. Wells Fargo & Company dropped their price target on 3M from $184.00 to $173.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 15th. Jefferies Financial Group decreased their target price on shares of 3M from $186.00 to $161.00 and set a “hold” rating for the company in a research report on Tuesday, March 15th. StockNews.com initiated coverage on 3M in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Argus cut their target price on shares of 3M from $225.00 to $190.00 in a report on Wednesday, January 26th. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $172.40.

3M Company Profile (Get Rating)

3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMMGet Rating).

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.