The IBM Retirement Fund Cuts Stake in 3M Co. (MMM)

The IBM Retirement Fund Cuts Stake in 3M Co. (MMM)

IBM Retirement Fund reduced its stake in shares of 3M Co. (NYSE:MMM) by 28.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 55,550 shares of the company’s stock after selling 21,980 shares during the period. IBM Retirement Fund’s holdings in 3M were worth $9,790,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in MMM. Vanguard Group Inc. boosted its stake in shares of 3M by 2.0% in the second quarter. Vanguard Group Inc. now owns 42,183,048 shares of the company’s stock valued at $7,387,096,000 after buying an additional 822,712 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of 3M by 3.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,477,856 shares of the company’s stock valued at $2,885,602,000 after buying an additional 527,158 shares during the last quarter. FMR LLC boosted its stake in shares of 3M by 5.1% in the second quarter. FMR LLC now owns 8,774,300 shares of the company’s stock valued at $1,536,555,000 after buying an additional 425,320 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of 3M by 1.5% in the second quarter. BlackRock Fund Advisors now owns 8,004,556 shares of the company’s stock valued at $1,401,758,000 after buying an additional 121,033 shares during the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of 3M by 9.1% in the second quarter. BlackRock Group LTD now owns 5,446,580 shares of the company’s stock valued at $953,805,000 after buying an additional 453,554 shares during the last quarter. 63.25% of the stock is owned by institutional investors.

3M Co. (NYSE:MMM) opened at 178.49 on Monday. 3M Co. has a 1-year low of $134.64 and a 1-year high of $182.27. The company’s 50 day moving average is $176.59 and its 200 day moving average is $175.65. The company has a market cap of $107.36 billion, a price-to-earnings ratio of 22.51 and a beta of 1.05.

Several equities research analysts have recently weighed in on the stock. RBC Capital Markets set a $176.00 price target on shares of 3M and gave the stock a “hold” rating in a research report on Wednesday, January 4th. Vetr cut shares of 3M from a “hold” rating to a “sell” rating and set a $171.00 price target for the company. in a research report on Thursday, December 22nd. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a research report on Thursday, December 15th. Jefferies Group reaffirmed a “buy” rating and issued a $200.00 price target on shares of 3M in a research report on Wednesday, December 14th. Finally, Stifel Nicolaus upped their price target on shares of 3M from $175.00 to $186.00 and gave the stock a “hold” rating in a research report on Wednesday, December 14th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $174.50.

In other 3M news, VP Eric D. Hammes sold 436 shares of 3M stock in a transaction dated Wednesday, December 7th. The shares were sold at an average price of $174.00, for a total transaction of $75,864.00. Following the completion of the sale, the vice president now directly owns 2,261 shares in the company, valued at $393,414. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Julie L. Bushman sold 10,771 shares of 3M stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $166.71, for a total transaction of $1,795,633.41. Following the sale, the insider now owns 34,093 shares of the company’s stock, valued at $5,683,644.03. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,171 shares of company stock valued at $4,489,078. Company insiders own 0.58% of the company’s stock.

About 3M

3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.

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