Meyer Handelman Co. Increases Position in 3M (NYSE:MMM)

Meyer Handelman Co. increased its stake in shares of 3M (NYSE:MMM) by 1.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 197,618 shares of the conglomerate’s stock after acquiring an additional 2,678 shares during the period. Meyer Handelman Co.’s holdings in 3M were worth $25,511,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of 3M by 38.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,728 shares of the conglomerate’s stock valued at $610,000 after buying an additional 1,318 shares in the last quarter. Park Avenue Securities LLC grew its holdings in 3M by 164.4% during the 4th quarter. Park Avenue Securities LLC now owns 16,356 shares of the conglomerate’s stock valued at $2,111,000 after buying an additional 10,169 shares during the last quarter. Kathmere Capital Management LLC increased its position in 3M by 3.5% during the fourth quarter. Kathmere Capital Management LLC now owns 5,797 shares of the conglomerate’s stock worth $748,000 after buying an additional 197 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of 3M by 78.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 40,029 shares of the conglomerate’s stock worth $5,167,000 after acquiring an additional 17,564 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its position in shares of 3M by 21.5% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 8,791 shares of the conglomerate’s stock valued at $1,135,000 after acquiring an additional 1,553 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 2.0 %

MMM opened at $137.35 on Wednesday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a 50 day moving average price of $130.90 and a 200 day moving average price of $127.12. 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 company has a market cap of $74.80 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion for 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 quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.68 earnings per share. Sell-side analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Analyst Ratings Changes

MMM has been the subject of a number of recent research reports. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Barclays cut their price objective on shares of 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their price target for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average target price of $144.13.

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.