Kentucky Retirement Systems Insurance Trust Fund Buys 6,385 Shares of 3M (NYSE:MMM)

Kentucky Retirement Systems Insurance Trust Fund increased its stake in shares of 3M (NYSE:MMM) by 39.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,650 shares of the conglomerate’s stock after acquiring an additional 6,385 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in 3M were worth $3,177,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. State Street Corp grew its holdings in shares of 3M by 1.1% in the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after purchasing an additional 302,900 shares during the last quarter. FMR LLC grew its holdings in shares of 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of 3M by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after purchasing an additional 43,942 shares during the last quarter. National Pension Service lifted its position in 3M by 14.5% during the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock worth $173,336,000 after buying an additional 161,036 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after buying an additional 1,250,491 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.0 %

NYSE MMM opened at $148.65 on Tuesday. The company has a market cap of $80.70 billion, a PE ratio of 19.69, a PEG ratio of 3.37 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 12 month low of $75.40 and a 12 month high of $155.00. The stock has a 50 day moving average of $138.80 and a 200-day moving average of $133.88.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter last year, the firm earned $2.42 earnings per share. The company’s revenue was down 25.0% on a year-over-year basis. On average, equities research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be issued a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. 3M’s payout ratio is 37.09%.

Insider Activity at 3M

In other news, EVP Kevin H. Rhodes sold 6,743 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $149.85, for a total value of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. The trade was a 57.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MMM has been the topic of several research reports. Barclays upped their price target on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Bank of America upped their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $148.87.

About 3M

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.