California Public Employees Retirement System Has $190.78 Million Stock Holdings in 3M (NYSE:MMM)

California Public Employees Retirement System cut its stake in 3M (NYSE:MMM) by 0.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,745,133 shares of the conglomerate’s stock after selling 14,925 shares during the quarter. California Public Employees Retirement System’s holdings in 3M were worth $190,778,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Briaud Financial Planning Inc acquired a new position in shares of 3M during the 3rd quarter worth $35,000. Authentikos Wealth Advisory LLC bought a new stake in 3M during the 3rd quarter worth $37,000. CGC Financial Services LLC grew its position in 3M by 89.9% during the 4th 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 position in 3M by 91.9% during the 3rd 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 bought a new stake in 3M during the 3rd quarter worth $44,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 1.4 %

MMM stock traded up $1.29 during trading on Tuesday, reaching $93.91. 770,233 shares of the stock were exchanged, compared to its average volume of 5,765,179. The firm’s 50 day moving average is $95.72 and its 200 day moving average is $97.40. 3M has a twelve month low of $71.12 and a twelve month high of $95.67. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.28 earnings per share. Equities analysts expect that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.43%. 3M’s dividend payout ratio is -47.82%.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MMM shares. JPMorgan Chase & Co. reduced their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Mizuho reiterated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Barclays reduced their price target on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 16th. Finally, Wells Fargo & Company reduced their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $104.00.

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.