Public Employees Retirement Association of Colorado Lowers Stock Holdings in 3M (NYSE:MMM)

Public Employees Retirement Association of Colorado lessened its position in 3M (NYSE:MMM) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 78,324 shares of the conglomerate’s stock after selling 3,671 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in 3M were worth $8,308,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Tributary Capital Management LLC acquired a new position in 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. boosted its stake in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of 3M in the first quarter valued at approximately $32,000. Livelsberger Financial Advisory purchased a new stake in 3M during the 4th quarter worth approximately $35,000. Finally, Cape Investment Advisory Inc. lifted its holdings in 3M by 42.8% during the 4th quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock worth $42,000 after buying an additional 116 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

MMM stock opened at $125.26 on Tuesday. The stock has a market cap of $69.31 billion, a price-to-earnings ratio of -9.85, a PEG ratio of 2.36 and a beta of 0.95. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $128.65. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The business has a 50 day moving average price of $102.45 and a 200 day moving average price of $98.81.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the firm earned $2.17 EPS. Equities research analysts anticipate that 3M will post 7.19 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.24%. 3M’s dividend payout ratio is presently -22.01%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MMM shares. UBS Group boosted their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Wells Fargo & Company boosted their target price on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. HSBC raised 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $91.13 to $115.00 in a research report on Friday, May 10th. Bank of America lifted their price objective on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday. Finally, StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $123.57.

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.