Arizona State Retirement System Buys 1,733 Shares of 3M (NYSE:MMM)

Arizona State Retirement System boosted its stake in 3M (NYSE:MMM) by 1.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 160,231 shares of the conglomerate’s stock after purchasing an additional 1,733 shares during the period. Arizona State Retirement System’s holdings in 3M were worth $16,374,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in 3M during the fourth quarter valued at $502,585,000. Balyasny Asset Management L.P. increased its position in shares of 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after purchasing an additional 2,010,319 shares during the last quarter. Capital World Investors purchased a new stake in shares of 3M during the 1st quarter valued at about $165,986,000. National Bank of Canada FI lifted its stake in shares of 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after purchasing an additional 1,021,440 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after buying an additional 808,914 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 2.1 %

NYSE MMM opened at $128.61 on Friday. 3M has a 12 month low of $71.12 and a 12 month high of $134.99. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock has a market cap of $71.17 billion, a PE ratio of -10.11, a P/E/G ratio of 2.49 and a beta of 0.95. The stock’s 50 day moving average is $118.48 and its 200 day moving average is $104.99.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the previous year, the firm earned $2.17 earnings per share. Research analysts predict that 3M will post 7.2 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be issued a $0.70 dividend. The ex-dividend date is Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. 3M’s dividend payout ratio (DPR) is -22.01%.

Wall Street Analysts Forecast Growth

MMM has been the topic of several recent research reports. Bank of America increased their price target on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. HSBC raised 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $124.43.

Insider Buying and Selling

In other 3M news, 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 completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the 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 completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.