Texas Permanent School Fund Has $32,802,000 Stake in 3M Co. (MMM)
Texas Permanent School Fund lowered its stake in 3M Co. (NYSE:MMM) by 5.4% during the third quarter, according to its most recent disclosure with the SEC. The fund 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 hedge funds and other institutional investors have also recently bought and sold shares of MMM. Joel Isaacson & Co. LLC boosted its position in shares of 3M by 84.3% in the second quarter. Joel Isaacson & Co. LLC now owns 7,573 shares of the company’s stock valued at $1,326,000 after buying an additional 3,464 shares during the last quarter. Retirement Systems of Alabama boosted its position in shares of 3M by 21.8% in the second quarter. Retirement Systems of Alabama now owns 481,728 shares of the company’s stock valued at $84,360,000 after buying an additional 86,323 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of 3M by 2.0% in the second quarter. Capstone Asset Management Co. now owns 144,584 shares of the company’s stock valued at $25,319,000 after buying an additional 2,879 shares during the last quarter. S&CO Inc. boosted its position in shares of 3M by 1.2% in the second quarter. S&CO Inc. now owns 68,419 shares of the company’s stock valued at $11,982,000 after buying an additional 800 shares during the last quarter. Finally, CIBC World Markets Inc. boosted its position in shares of 3M by 5.1% in the second quarter. CIBC World Markets Inc. now owns 81,913 shares of the company’s stock valued at $14,345,000 after buying an additional 3,988 shares during the last quarter. Institutional investors own 63.36% of the company’s stock.
Shares of 3M Co. (NYSE:MMM) traded down 0.66% during trading on Monday, reaching $172.35. 963,656 shares of the company’s stock were exchanged. 3M Co. has a 52 week low of $134.64 and a 52 week high of $182.27. The company’s 50-day moving average is $170.01 and its 200 day moving average is $173.79. The stock has a market capitalization of $103.66 billion, a PE ratio of 21.73 and a beta of 1.04.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 25th. The company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.01. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.72 billion. 3M had a net margin of 16.40% and a return on equity of 42.27%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter last year, the firm posted $2.05 earnings per share. On average, analysts forecast that 3M Co. will post $8.17 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Friday, November 18th will be paid a dividend of $1.11 per share. The ex-dividend date is Wednesday, November 16th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.56%. 3M’s dividend payout ratio is currently 55.92%.
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Several research analysts have recently issued reports on the stock. Jefferies Group restated a “buy” rating and issued a $210.00 target price (up previously from $200.00) on shares of 3M in a report on Monday. Goldman Sachs Group Inc. cut shares of 3M from a “neutral” rating to a “sell” rating and lowered their target price for the company from $172.96 to $159.00 in a report on Monday, November 21st. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday, November 15th. RBC Capital Markets restated an “underperform” rating and issued a $155.00 target price (down previously from $159.00) on shares of 3M in a report on Wednesday, October 26th. Finally, Royal Bank Of Canada lowered their target price on shares of 3M from $159.00 to $155.00 and set an “underperform” rating for the company in a report on Wednesday, October 26th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. 3M presently has a consensus rating of “Hold” and an average price target of $170.80.
In other news, insider Julie L. Bushman sold 10,771 shares of 3M stock in a transaction that occurred on Friday, November 4th. The shares were 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 in the company, valued at $5,683,644.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Julie L. Bushman sold 10,424 shares of 3M stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $173.02, for a total transaction of $1,803,560.48. Following the sale, the insider now 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.
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