3M Company (NYSE:MMM) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas trimmed its holdings in shares of 3M Company (NYSE:MMM) by 53.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 345,382 shares of the conglomerate’s stock after selling 402,572 shares during the quarter. Teacher Retirement System of Texas’ holdings in 3M were worth $50,723,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Proficio Capital Partners LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $26,000. REAP Financial Group LLC increased its holdings in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 94 shares during the period. Hazlett Burt & Watson Inc. bought a new stake in 3M in the 4th quarter valued at about $27,000. Pinney & Scofield Inc. acquired a new position in 3M during the 4th quarter worth $28,000. Finally, Curat Global LLC acquired a new stake in 3M in the first quarter worth approximately $29,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM opened at $153.82 on Thursday. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The firm has a market cap of $82.78 billion, a PE ratio of 19.42, a PEG ratio of 3.01 and a beta of 1.02. The firm’s 50 day moving average price is $146.06 and its 200 day moving average price is $143.25. 3M Company has a twelve month low of $98.26 and a twelve month high of $156.35.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. As a group, research analysts expect that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.90%. 3M’s payout ratio is presently 36.87%.

Insider Buying and Selling at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president directly owned 31,372 shares of the company’s stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research reports. Citigroup raised their target price on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. Barclays increased their price target on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Wells Fargo & Company boosted their price target on shares of 3M from $150.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. increased their price objective on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $155.83.

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.