3M (NYSE:MMM) Shares Acquired by Meyer Handelman Co.

Meyer Handelman Co. boosted its position in 3M (NYSE:MMM) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 197,618 shares of the conglomerate’s stock after acquiring an additional 2,678 shares during the quarter. Meyer Handelman Co.’s holdings in 3M were worth $25,511,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. FSA Wealth Management LLC acquired a new stake in shares of 3M in the 3rd quarter valued at $27,000. Daymark Wealth Partners LLC raised its stake in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. raised its stake in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. ORG Partners LLC lifted its holdings in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares during the last quarter. Finally, True Wealth Design LLC boosted its position in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 296 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Up 2.0 %

NYSE:MMM opened at $137.35 on Wednesday. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock’s 50 day simple moving average is $130.90 and its 200-day simple moving average is $127.12. The firm has a market cap of $74.80 billion, a P/E ratio of 17.34, 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. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter last year, the business earned $2.68 EPS. The business’s revenue was down 24.3% on a year-over-year basis. Equities analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Bank of America boosted their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada lowered their target price on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a report on Friday, January 3rd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and increased their target price for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, JPMorgan Chase & Co. dropped their price objective on 3M from $165.00 to $162.00 and set an “overweight” rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $144.13.

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.