Commonwealth of Pennsylvania Public School Empls Retrmt SYS Grows Stock Holdings in 3M (NYSE:MMM)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in 3M (NYSE:MMM) by 0.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 121,334 shares of the conglomerate’s stock after acquiring an additional 384 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in 3M were worth $12,870,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Tributary Capital Management LLC purchased a new stake in shares of 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of 3M in the 1st quarter valued at $32,000. Livelsberger Financial Advisory acquired a new position in shares of 3M in the 4th quarter valued at $35,000. Finally, CGC Financial Services LLC raised its position in 3M by 89.9% during 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 period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MMM. Royal Bank of Canada upped their price objective on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their target price for the company from $105.00 to $120.00 in a research report on Friday, June 7th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their target price for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Barclays increased their target price on shares of 3M from $118.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company upped their price objective on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, 3M presently has an average rating of “Hold” and an average price target of $112.17.

3M Stock Up 1.3 %

Shares of NYSE MMM traded up $1.33 during midday trading on Wednesday, hitting $104.64. The company’s stock had a trading volume of 2,065,863 shares, compared to its average volume of 5,304,516. The business’s fifty day simple moving average is $101.00 and its two-hundred day simple moving average is $98.79. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. 3M has a 1 year low of $71.12 and a 1 year high of $106.04. The firm has a market capitalization of $57.90 billion, a price-to-earnings ratio of -8.18, a price-to-earnings-growth ratio of 1.91 and a beta of 0.95.

3M (NYSE:MMM) last issued its 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. The firm had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter last year, the company earned $1.97 earnings per share. On average, equities analysts predict that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.68%. 3M’s dividend payout ratio (DPR) is -22.01%.

3M Profile

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.