3M Company $MMM Shares Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System boosted its stake in shares of 3M Company (NYSE:MMM) by 11.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,383 shares of the conglomerate’s stock after acquiring an additional 3,275 shares during the quarter. Maryland State Retirement & Pension System’s holdings in 3M were worth $5,152,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Ritholtz Wealth Management lifted its stake in shares of 3M by 11.7% in the 3rd quarter. Ritholtz Wealth Management now owns 12,049 shares of the conglomerate’s stock valued at $1,978,000 after purchasing an additional 1,262 shares during the period. UNIVEST FINANCIAL Corp boosted its holdings in 3M by 9.2% during the third quarter. UNIVEST FINANCIAL Corp now owns 1,702 shares of the conglomerate’s stock worth $279,000 after buying an additional 143 shares in the last quarter. Jacobi Capital Management LLC grew its position in 3M by 0.8% during the third quarter. Jacobi Capital Management LLC now owns 18,977 shares of the conglomerate’s stock valued at $3,115,000 after buying an additional 152 shares during the period. International Private Wealth Advisors LLC acquired a new stake in 3M during the third quarter valued at $410,000. Finally, Machina Capital S.A.S. grew its position in 3M by 19.1% during the third quarter. Machina Capital S.A.S. now owns 36,303 shares of the conglomerate’s stock valued at $5,959,000 after buying an additional 5,816 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Raymond James Financial reaffirmed a “market perform” rating on shares of 3M in a report on Wednesday, October 21st. Weiss Ratings raised shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 23rd. Royal Bank Of Canada raised their target price on 3M from $132.00 to $135.00 and gave the company an “underperform” rating in a research report on Wednesday, October 21st. The Goldman Sachs Group lifted their price target on 3M from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, November 5th. Finally, Citigroup upped their price target on 3M from $183.00 to $188.00 and gave the stock a “neutral” rating in a report on Wednesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and an average price target of $190.07.

3M Stock Down 1.3%

Shares of MMM opened at $186.40 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.06 and a current ratio of 1.41. 3M Company has a one year low of $139.34 and a one year high of $196.90. The stock has a market capitalization of $96.32 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 2.46 and a beta of 1.01. The stock has a 50 day moving average price of $170.33 and a 200 day moving average price of $162.37.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.12. 3M had a return on equity of 123.11% and a net margin of 14.01%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same quarter last year, the firm posted $2.19 EPS. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. Equities research analysts forecast that 3M Company will post 9.14 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 13th. 3M’s dividend payout ratio is 46.50%.

3M declared that its board has authorized a stock buyback program on Wednesday, November 4th that allows the company to buy back $6 billion in shares. This repurchase authorization allows the conglomerate to buy up to 6.6% of its shares through open market purchases. Share repurchase programs are often an indication that the company’s management believes its stock is undervalued.

About 3M

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes. Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St. Paul, Minnesota.