Treasurer of the State of North Carolina Buys 2,400 Shares of 3M (NYSE:MMM)

Treasurer of the State of North Carolina grew its holdings in 3M (NYSE:MMMFree Report) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 251,118 shares of the conglomerate’s stock after purchasing an additional 2,400 shares during the quarter. Treasurer of the State of North Carolina’s holdings in 3M were worth $27,452,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. CGC Financial Services LLC raised its holdings in shares of 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares during the last quarter. VisionPoint Advisory Group LLC boosted its position in 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 215 shares during the period. Cape Investment Advisory Inc. boosted its position in 3M by 42.8% during the fourth quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 116 shares during the period. Milestone Investment Advisors LLC bought a new stake in shares of 3M in the third quarter valued at about $60,000. Finally, Banco de Sabadell S.A bought a new stake in shares of 3M in the third quarter valued at about $70,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM traded down $1.12 during trading on Wednesday, hitting $97.56. 4,671,183 shares of the company’s stock traded hands, compared to its average volume of 5,643,415. The business has a 50 day moving average of $97.45 and a 200-day moving average of $98.89. The stock has a market capitalization of $53.99 billion, a price-to-earnings ratio of -7.63, a PEG ratio of 1.84 and a beta of 1.00. 3M has a 12-month low of $71.12 and a 12-month high of $106.04. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

3M (NYSE:MMMGet Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The business had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the prior year, the company posted $1.97 EPS. As a group, equities research analysts anticipate that 3M will post 7.23 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be paid a $0.70 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.87%. 3M’s dividend payout ratio is presently -22.01%.

Analysts Set New Price Targets

Several analysts have recently weighed in on MMM shares. Citigroup boosted their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. UBS Group increased their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, Mizuho restated a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $108.55.

View Our Latest Stock Report on 3M

3M Profile

(Free Report)

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.

See Also

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

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