Meeder Advisory Services Inc. Reduces Position in 3M (NYSE:MMM)

Meeder Advisory Services Inc. cut its position in 3M (NYSE:MMM) by 4.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,208 shares of the conglomerate’s stock after selling 341 shares during the period. Meeder Advisory Services Inc.’s holdings in 3M were worth $765,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Tributary Capital Management LLC purchased a new stake in shares of 3M in the 1st quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of 3M in the 1st quarter valued at $32,000. Livelsberger Financial Advisory acquired a new position in shares of 3M in the 4th quarter valued at $35,000. Finally, CGC Financial Services LLC boosted its holdings in shares of 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

3M stock traded up $0.49 during trading hours on Tuesday, reaching $103.21. 1,051,743 shares of the stock were exchanged, compared to its average volume of 5,309,563. The stock has a market cap of $57.11 billion, a P/E ratio of -8.08, a P/E/G ratio of 1.93 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. 3M has a 52-week low of $71.12 and a 52-week high of $106.04. The firm’s 50 day moving average is $100.84 and its 200 day moving average is $98.83.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter last year, the firm posted $1.97 EPS. Analysts predict that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.71%. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analyst Weigh In

MMM has been the subject of several research analyst reports. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $92.00 to $140.00 in a report on Thursday, May 16th. StockNews.com initiated coverage on shares of 3M in a report on Thursday, June 6th. They issued a “buy” rating for the company. UBS Group upped their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Citigroup increased their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has an average rating of “Hold” and an average price target of $112.17.

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.