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

Kentucky Retirement Systems lifted its stake in 3M (NYSE:MMM – Get 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:MMM – Get 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.

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