Strs Ohio Makes New $30.19 Million Investment in 3M Company $MMM

Strs Ohio acquired a new position in 3M Company (NYSE:MMM) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 205,598 shares of the conglomerate’s stock, valued at approximately $30,194,000.

Several other large investors have also recently modified their holdings of the business. Jacobi Capital Management LLC increased its stake in shares of 3M by 2.9% in the first quarter. Jacobi Capital Management LLC now owns 20,909 shares of the conglomerate’s stock worth $3,071,000 after purchasing an additional 589 shares in the last quarter. McAdam LLC increased its stake in shares of 3M by 1.9% in the first quarter. McAdam LLC now owns 4,722 shares of the conglomerate’s stock worth $693,000 after purchasing an additional 87 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of 3M by 25.2% in the first quarter. Geneos Wealth Management Inc. now owns 5,524 shares of the conglomerate’s stock worth $811,000 after purchasing an additional 1,112 shares in the last quarter. Focus Partners Wealth increased its stake in shares of 3M by 7.3% in the first quarter. Focus Partners Wealth now owns 147,331 shares of the conglomerate’s stock worth $21,637,000 after purchasing an additional 10,049 shares in the last quarter. Finally, Integrity Alliance LLC. increased its stake in shares of 3M by 70.4% in the first quarter. Integrity Alliance LLC. now owns 11,796 shares of the conglomerate’s stock worth $1,732,000 after purchasing an additional 4,875 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $159.24 on Friday. The company has a 50 day moving average of $153.94 and a 200 day moving average of $147.89. The stock has a market cap of $84.82 billion, a P/E ratio of 22.15, a P/E/G ratio of 2.79 and a beta of 1.04. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $6.09 billion. During the same quarter in the previous year, the company earned $1.93 EPS. The business’s quarterly revenue was up 1.4% compared to the same quarter last year. As a group, sell-side analysts forecast that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Monday, August 25th. 3M’s payout ratio is currently 40.61%.

Insider Buying and Selling

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares of the company’s stock, valued at $435,522. The trade was a 68.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer directly owned 2,561 shares of the company’s stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on MMM. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. Wells Fargo & Company reiterated an “overweight” rating on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Saturday, August 30th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $161.78.

3M Company 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.