Meeder Advisory Services Inc. Has $1.26 Million Stake in 3M (NYSE:MMM)

Meeder Advisory Services Inc. cut its stake in 3M (NYSE:MMM) by 1.9% in the third quarter, Holdings Channel.com reports. 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC boosted its position in 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after acquiring an additional 79 shares during the last quarter. Harbour Investments Inc. grew its position in 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after purchasing an additional 81 shares in the last quarter. Fortis Capital Advisors LLC increased its stake in 3M by 2.9% in the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after buying an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC boosted its stake in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after buying an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. grew its holdings in shares of 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after acquiring an additional 84 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. JPMorgan Chase & Co. boosted their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Finally, Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Performance

NYSE MMM opened at $130.17 on Tuesday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The firm’s fifty day moving average price is $132.84 and its two-hundred day moving average price is $118.39. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock has a market cap of $70.89 billion, a PE ratio of 16.44, a PEG ratio of 2.15 and a beta of 0.95.

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

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a $0.70 dividend. 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 currently 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.