Treasurer of the State of North Carolina Trims Stock Holdings in 3M (NYSE:MMM)

Treasurer of the State of North Carolina lessened its holdings in 3M (NYSE:MMM) by 1.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 245,669 shares of the conglomerate’s stock after selling 2,700 shares during the quarter. Treasurer of the State of North Carolina’s holdings in 3M were worth $31,713,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. Financial Life Planners purchased a new stake in shares of 3M in the fourth quarter valued at approximately $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M in the 4th quarter worth $26,000. Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the 4th quarter worth $27,000. Daymark Wealth Partners LLC increased its stake in shares of 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after buying an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. lifted its stake in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 214 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 in the last 90 days. Insiders own 0.34% of the company’s stock.

3M Stock Performance

MMM opened at $132.84 on Friday. 3M has a twelve month low of $90.17 and a twelve month high of $156.35. The firm has a market capitalization of $71.64 billion, a PE ratio of 17.60, a PEG ratio of 3.30 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The firm’s 50-day moving average price is $146.68 and its 200 day moving average price is $138.40.

3M (NYSE:MMM) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the previous year, the company posted $2.42 earnings per share. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. As a group, sell-side analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.20%. 3M’s dividend payout ratio is 38.68%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Barclays cut their price objective on shares of 3M from $165.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, Citigroup raised their target price on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 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 stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $147.13.

3M Company Profile

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.