Kentucky Retirement Systems Sells 3,428 Shares of 3M (NYSE:MMM)

Kentucky Retirement Systems lowered its position in 3M (NYSE:MMM) by 8.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 38,271 shares of the conglomerate’s stock after selling 3,428 shares during the period. Kentucky Retirement Systems’ holdings in 3M were worth $5,232,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in shares of 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after acquiring an additional 533,520 shares during the period. Pacer Advisors Inc. lifted its holdings in 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after purchasing an additional 97,340 shares in the last quarter. AQR Capital Management LLC boosted its stake in 3M by 18.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares during the period. Dimensional Fund Advisors LP grew its holdings in 3M by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock valued at $198,298,000 after buying an additional 11,315 shares in the last quarter. Finally, Capital World Investors bought a new stake in shares of 3M during the first quarter valued at approximately $165,986,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Down 1.4 %

Shares of NYSE:MMM opened at $129.79 on Friday. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business has a 50 day simple moving average of $132.80 and a two-hundred day simple moving average of $118.01. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a market capitalization of $70.68 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the prior year, the company posted $2.68 EPS. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. On average, equities analysts predict that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.16%. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the subject of several research analyst reports. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a research note on Wednesday. Wells Fargo & Company lifted their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Bank of America boosted their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and raised their price target for the company from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.87.

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.