Texas Permanent School Fund cut its position in 3M Co. (NYSE:MMM) by 5.4% during the third quarter, Holdings Channel reports. The institutional investor owned 186,134 shares of the company’s stock after selling 10,645 shares during the period. Texas Permanent School Fund’s holdings in 3M were worth $32,802,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in MMM. Cable Hill Partners LLC increased its position in 3M by 5.0% in the second quarter. Cable Hill Partners LLC now owns 583 shares of the company’s stock worth $103,000 after buying an additional 28 shares in the last quarter. Reilly Financial Advisors LLC increased its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock worth $113,000 after buying an additional 178 shares in the last quarter. CenturyLink Investment Management Co acquired a new position in 3M during the second quarter worth approximately $116,000. Concannon Wealth Management LLC increased its position in 3M by 45.6% in the third quarter. Concannon Wealth Management LLC now owns 655 shares of the company’s stock worth $116,000 after buying an additional 205 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. increased its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock worth $124,000 after buying an additional 49 shares in the last quarter. 63.36% of the stock is owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) traded down 0.66% during midday trading on Monday, reaching $172.35. 963,656 shares of the company traded hands. The company has a market cap of $103.66 billion, a price-to-earnings ratio of 21.73 and a beta of 1.04. The company has a 50-day moving average price of $170.01 and a 200-day moving average price of $173.79. 3M Co. has a 12-month low of $134.64 and a 12-month high of $182.27.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 25th. The company reported $2.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.14 by $0.01. 3M had a return on equity of 42.27% and a net margin of 16.40%. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.72 billion. During the same quarter last year, the business earned $2.05 earnings per share. The company’s revenue was up .0% compared to the same quarter last year. On average, analysts predict that 3M Co. will post $8.17 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Shareholders of record on Friday, November 18th will be issued a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Wednesday, November 16th. 3M’s dividend payout ratio (DPR) is currently 55.92%.
A number of equities analysts have commented on MMM shares. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $195.00 price objective on shares of 3M in a report on Friday, September 16th. Jefferies Group reaffirmed a “buy” rating on shares of 3M in a report on Thursday, August 4th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday, November 15th. Deutsche Bank AG reissued a “hold” rating and set a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Finally, Barclays PLC raised shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $171.00 to $194.00 in a report on Monday, October 24th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $170.80.
In other news, insider Julie L. Bushman sold 10,771 shares of the firm’s stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $166.71, for a total transaction of $1,795,633.41. Following the sale, the insider now owns 34,093 shares of the company’s stock, valued at $5,683,644.03. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Julie L. Bushman sold 10,424 shares of the firm’s stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $173.02, for a total value of $1,803,560.48. Following the sale, the insider now directly owns 32,717 shares in the company, valued at approximately $5,660,695.34. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.