Public Sector Pension Investment Board Has $2.19 Million Stake in 3M (NYSE:MMM)

Public Sector Pension Investment Board grew its holdings in shares of 3M (NYSE:MMM) by 75.0% during the second quarter, HoldingsChannel.com reports. The firm owned 21,380 shares of the conglomerate’s stock after acquiring an additional 9,160 shares during the quarter. Public Sector Pension Investment Board’s holdings in 3M were worth $2,185,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Tributary Capital Management LLC acquired a new stake in 3M during the first quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. increased its position 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 worth $26,000 after purchasing an additional 197 shares during the period. MFA Wealth Advisors LLC acquired a new position in 3M in the second quarter valued at about $28,000. Meeder Asset Management Inc. lifted its position in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in 3M during the first quarter worth about $32,000. 65.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MMM has been the topic of several analyst reports. Wells Fargo & Company increased their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a report on Thursday, June 13th. Barclays boosted their price target on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Citigroup raised their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Finally, Bank of America boosted their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, 3M currently has an average rating of “Hold” and a consensus price target of $124.43.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Price Performance

MMM stock opened at $137.30 on Monday. The company has a market capitalization of $75.98 billion, a P/E ratio of -10.79, a PEG ratio of 2.51 and a beta of 0.95. The company has a fifty day moving average price of $127.98 and a 200-day moving average price of $109.45. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52-week low of $71.12 and a 52-week high of $140.72.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period last year, the company earned $2.17 EPS. As a group, equities analysts expect that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

3M 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.