South Dakota Investment Council Has $1.99 Million Stock Position in 3M (NYSE:MMM)

South Dakota Investment Council trimmed its stake in 3M (NYSE:MMM) by 25.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,160 shares of the conglomerate’s stock after selling 6,300 shares during the quarter. South Dakota Investment Council’s holdings in 3M were worth $1,985,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Briaud Financial Planning Inc bought a new position in 3M during the third quarter valued at approximately $35,000. Authentikos Wealth Advisory LLC acquired a new stake in shares of 3M in the third quarter worth $37,000. CGC Financial Services LLC grew its stake in shares of 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares during the last quarter. VisionPoint Advisory Group LLC grew its stake in shares of 3M by 91.9% in the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 215 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel acquired a new stake in shares of 3M in the third quarter worth $44,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $92.02 on Thursday. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. The business has a 50-day moving average price of $95.72 and a two-hundred day moving average price of $97.39. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the prior year, the firm posted $2.28 EPS. The business’s revenue was down 1.1% on a year-over-year basis. On average, equities research analysts expect that 3M will post 7.87 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.56%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.82%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MMM. Mizuho restated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Wells Fargo & Company lowered their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. JPMorgan Chase & Co. decreased their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Barclays cut their price objective on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Finally, StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $104.00.

About 3M

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.