Utah Retirement Systems Trims Stock Holdings in 3M (NYSE:MMM)

Utah Retirement Systems cut its holdings in shares of 3M (NYSE:MMM) by 4.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,977 shares of the conglomerate’s stock after selling 4,800 shares during the period. Utah Retirement Systems’ holdings in 3M were worth $20,805,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of MMM. IronBridge Private Wealth LLC purchased a new stake in 3M during the fourth quarter worth about $26,000. Goodwin Investment Advisory purchased a new stake in 3M during the first quarter worth about $33,000. Better Money Decisions LLC purchased a new stake in 3M during the first quarter worth about $38,000. Lederer & Associates Investment Counsel CA purchased a new stake in 3M during the first quarter worth about $52,000. Finally, Tacita Capital Inc purchased a new stake in 3M during the fourth quarter worth about $71,000. Institutional investors own 66.59% of the company’s stock.

MMM has been the subject of a number of analyst reports. Barclays boosted their price objective on 3M from $163.00 to $180.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 6th. Royal Bank of Canada upped their price target on 3M from $198.00 to $200.00 and gave the company a “sector perform” rating in a report on Wednesday, April 28th. Morgan Stanley upped their price target on 3M from $188.00 to $200.00 and gave the company an “equal weight” rating in a report on Monday, April 12th. Credit Suisse Group downgraded 3M from an “outperform” rating to a “neutral” rating and upped their price target for the company from $210.00 to $212.00 in a report on Tuesday, July 6th. Finally, Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $206.00 price target for the company in a report on Thursday, April 29th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. 3M presently has an average rating of “Hold” and a consensus target price of $195.17.

Shares of MMM stock traded down $1.61 during trading hours on Thursday, hitting $199.16. The stock had a trading volume of 11,081 shares, compared to its average volume of 2,353,665. The company has a market capitalization of $115.45 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 2.16 and a beta of 0.96. 3M has a twelve month low of $148.80 and a twelve month high of $208.95. The stock has a 50 day moving average price of $200.31. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.83 and a quick ratio of 1.30.

3M (NYSE:MMM) last released its quarterly earnings results on Monday, April 26th. The conglomerate reported $2.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.48. 3M had a return on equity of 44.00% and a net margin of 17.34%. The business had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.43 billion. During the same quarter in the prior year, the business earned $2.16 earnings per share. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. On average, research analysts expect that 3M will post 9.78 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Saturday, June 12th. Stockholders of record on Friday, May 21st were paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Thursday, May 20th. 3M’s dividend payout ratio (DPR) is presently 67.73%.

In other news, VP Ivan K. Fong sold 12,059 shares of the company’s stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the completion of the sale, the vice president now owns 47,872 shares in the company, valued at $9,500,677.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by corporate insiders.

About 3M

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

Read More: Neutral Rating

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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