Meeder Advisory Services Inc. Decreases Stock Holdings in 3M (NYSE:MMM)

Meeder Advisory Services Inc. lessened its stake in 3M (NYSE:MMM) by 1.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,179 shares of the conglomerate’s stock after selling 182 shares during the quarter. Meeder Advisory Services Inc.’s holdings in 3M were worth $1,255,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Napa Wealth Management acquired a new stake in shares of 3M in the 3rd quarter valued at about $1,153,000. Strengthening Families & Communities LLC boosted its position in 3M by 9.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 22,921 shares of the conglomerate’s stock worth $3,133,000 after acquiring an additional 2,016 shares during the period. Braun Stacey Associates Inc. bought a new position in 3M in the 3rd quarter valued at about $16,458,000. Taurus Asset Management LLC increased its stake in 3M by 0.4% during the 3rd quarter. Taurus Asset Management LLC now owns 134,658 shares of the conglomerate’s stock valued at $18,408,000 after buying an additional 495 shares during the period. Finally, TrinityPoint Wealth LLC boosted its holdings in shares of 3M by 2.1% in the third quarter. TrinityPoint Wealth LLC now owns 15,074 shares of the conglomerate’s stock valued at $2,061,000 after acquiring an additional 317 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Bank of America upped their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Trading Up 0.3 %

Shares of MMM stock opened at $130.17 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $70.89 billion, a P/E ratio of 16.44, a P/E/G ratio of 2.15 and a beta of 0.95. The firm has a 50-day moving average price of $132.84 and a 200 day moving average price of $118.39. 3M has a 12-month low of $75.40 and a 12-month high of $141.34.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.68 earnings per share. Research analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.15%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is presently 35.35%.

About 3M

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.