Illinois Municipal Retirement Fund Has $10.71 Million Position in 3M (NYSE:MMM)

Illinois Municipal Retirement Fund lessened its holdings in 3M (NYSE:MMM) by 8.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 97,985 shares of the conglomerate’s stock after selling 9,167 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in 3M were worth $10,712,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of MMM. Trilogy Capital Inc. boosted its holdings in shares of 3M by 11.8% during the 3rd quarter. Trilogy Capital Inc. now owns 24,404 shares of the conglomerate’s stock valued at $2,285,000 after acquiring an additional 2,583 shares in the last quarter. Ziegler Capital Management LLC raised its position in 3M by 2.6% during the 3rd quarter. Ziegler Capital Management LLC now owns 19,626 shares of the conglomerate’s stock worth $1,837,000 after purchasing an additional 491 shares during the last quarter. Advisors Management Group Inc. ADV raised its position in 3M by 4.5% during the 3rd quarter. Advisors Management Group Inc. ADV now owns 12,373 shares of the conglomerate’s stock worth $1,158,000 after purchasing an additional 531 shares during the last quarter. Riverview Trust Co raised its position in 3M by 81.4% during the 3rd quarter. Riverview Trust Co now owns 1,585 shares of the conglomerate’s stock worth $148,000 after purchasing an additional 711 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its position in 3M by 265,023.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 68,932 shares of the conglomerate’s stock worth $6,453,000 after purchasing an additional 68,906 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

MMM traded up $0.67 during trading on Tuesday, reaching $93.29. The stock had a trading volume of 1,647,834 shares, compared to its average volume of 5,775,730. The stock has a market cap of $51.62 billion, a PE ratio of -7.44, a PEG ratio of 1.63 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. 3M has a one year low of $71.12 and a one year high of $95.67. The business has a 50-day moving average of $95.72 and a 200-day moving average of $97.40.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.28 earnings per share. As a group, equities research analysts anticipate 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 dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.47%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is -47.82%.

Insider Activity

In other 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 transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Barclays lowered their target price on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. lowered their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 16th. Royal Bank of Canada decreased their target price on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research report on Tuesday, April 2nd. Finally, Wells Fargo & Company decreased their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $104.00.

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.