Alaska Permanent Fund Corp Invests $446,000 in 3M (NYSE:MMM)

Alaska Permanent Fund Corp bought a new position in 3M (NYSE:MMM) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,082 shares of the conglomerate’s stock, valued at approximately $446,000.

A number of other institutional investors also recently modified their holdings of MMM. Asset Management One Co. Ltd. raised its stake in shares of 3M by 9.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 335,535 shares of the conglomerate’s stock valued at $31,413,000 after purchasing an additional 28,417 shares during the period. Aaron Wealth Advisors LLC increased its position in shares of 3M by 13.1% during the third quarter. Aaron Wealth Advisors LLC now owns 3,452 shares of the conglomerate’s stock valued at $323,000 after buying an additional 400 shares during the period. Patriot Financial Group Insurance Agency LLC increased its position in shares of 3M by 78.9% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 3,576 shares of the conglomerate’s stock valued at $335,000 after buying an additional 1,577 shares during the period. Ballentine Partners LLC grew its stake in 3M by 5.1% during the third quarter. Ballentine Partners LLC now owns 5,935 shares of the conglomerate’s stock valued at $556,000 after acquiring an additional 287 shares in the last quarter. Finally, Clarius Group LLC increased its holdings in 3M by 59.4% during the 3rd quarter. Clarius Group LLC now owns 3,414 shares of the conglomerate’s stock worth $320,000 after acquiring an additional 1,272 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

MMM stock opened at $91.80 on Friday. The firm’s fifty day moving average is $95.71 and its 200 day moving average is $97.37. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm earned $2.28 earnings per share. On average, sell-side analysts forecast that 3M will post 8.19 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.58%. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is -47.82%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Barclays cut their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Citigroup boosted their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Bank of America lowered their price target on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Royal Bank of Canada dropped their price target on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research report on Tuesday, April 2nd. Finally, StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $104.00.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.34% of the company’s stock.

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.