State of Alaska Department of Revenue Has $8.77 Million Stock Position in 3M (NYSE:MMM)

State of Alaska Department of Revenue decreased its position in shares of 3M (NYSE:MMM) by 7.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 82,707 shares of the conglomerate’s stock after selling 6,770 shares during the period. State of Alaska Department of Revenue’s holdings in 3M were worth $8,771,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Fragasso Group Inc. boosted its position in 3M by 3.8% during the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after purchasing an additional 93 shares during the last quarter. Bangor Savings Bank lifted its position in shares of 3M by 1.0% in the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after buying an additional 104 shares during the last quarter. Allen Capital Group LLC lifted its position in shares of 3M by 0.5% in the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 105 shares during the last quarter. Summit Financial Group Inc. lifted its position in shares of 3M by 3.4% in the first quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock worth $352,000 after buying an additional 110 shares during the last quarter. Finally, Allegheny Financial Group LTD lifted its position in shares of 3M by 2.3% in the fourth quarter. Allegheny Financial Group LTD now owns 5,032 shares of the conglomerate’s stock worth $550,000 after buying an additional 113 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

MMM remained flat at $101.62 on Wednesday. The company had a trading volume of 1,230,587 shares, compared to its average volume of 5,446,716. 3M has a 1 year low of $71.12 and a 1 year high of $106.04. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The company has a market cap of $56.23 billion, a price-to-earnings ratio of -8.00, a PEG ratio of 1.90 and a beta of 0.95. The business has a 50 day moving average of $99.56 and a two-hundred day moving average of $99.14.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the company posted $1.97 earnings per share. On average, equities research analysts forecast that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a dividend of $0.70 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.76%. 3M’s dividend payout ratio is -22.01%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MMM. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Citigroup boosted their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Vertical Research raised 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research report on Thursday, June 13th. Finally, Barclays boosted their price objective on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $111.58.

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.