Employees Retirement System of Texas cut its stake in 3M Co (NYSE:MMM) by 9.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 133,400 shares of the conglomerate’s stock after selling 14,000 shares during the period. Employees Retirement System of Texas’ holdings in 3M were worth $26,242,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MMM. Thrivent Financial for Lutherans grew its holdings in 3M by 5.7% during the 1st quarter. Thrivent Financial for Lutherans now owns 30,582 shares of the conglomerate’s stock worth $6,714,000 after acquiring an additional 1,637 shares in the last quarter. Stevens Capital Management LP bought a new position in 3M during the 1st quarter worth about $18,733,000. Boulegeris Investments Inc. grew its holdings in 3M by 155.8% during the 1st quarter. Boulegeris Investments Inc. now owns 5,065 shares of the conglomerate’s stock worth $1,112,000 after acquiring an additional 3,085 shares in the last quarter. Breiter Capital Management Inc. grew its holdings in 3M by 9.3% during the 1st quarter. Breiter Capital Management Inc. now owns 3,393 shares of the conglomerate’s stock worth $745,000 after acquiring an additional 288 shares in the last quarter. Finally, Smith Asset Management Group LP bought a new position in 3M during the 1st quarter worth about $7,183,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Several brokerages have issued reports on MMM. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a report on Tuesday. ValuEngine cut shares of 3M from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Deutsche Bank reiterated a “hold” rating and set a $208.00 target price on shares of 3M in a report on Thursday, July 12th. Barclays dropped their target price on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a report on Wednesday, July 25th. Finally, MED cut shares of 3M from a “buy” rating to a “hold” rating and set a $208.00 price target on the stock. in a report on Thursday, July 12th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $234.97.

NYSE:MMM opened at $209.05 on Friday. 3M Co has a fifty-two week low of $190.57 and a fifty-two week high of $259.77. The stock has a market capitalization of $124.23 billion, a PE ratio of 22.80, a PEG ratio of 2.01 and a beta of 1.16. The company has a current ratio of 1.56, a quick ratio of 1.08 and a debt-to-equity ratio of 1.08.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.58 by $0.01. 3M had a net margin of 13.44% and a return on equity of 51.31%. The business had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.36 billion. During the same period last year, the business earned $2.58 EPS. The company’s revenue was up 7.4% compared to the same quarter last year. equities research analysts forecast that 3M Co will post 10.37 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 12th. Stockholders of record on Friday, August 24th were issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Thursday, August 23rd. 3M’s dividend payout ratio is currently 59.32%.

In related news, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by company insiders.

3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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

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