Meeder Asset Management Inc. Increases Stock Holdings in 3M Co (NYSE:MMM)

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Meeder Asset Management Inc. boosted its holdings in shares of 3M Co (NYSE:MMM) by 2,033.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 448 shares of the conglomerate’s stock after acquiring an additional 427 shares during the quarter. Meeder Asset Management Inc.’s holdings in 3M were worth $78,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC boosted its position in 3M by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after purchasing an additional 353,754 shares in the last quarter. Norges Bank acquired a new position in shares of 3M during the fourth quarter valued at approximately $918,305,000. Ronna Sue Cohen raised its holdings in shares of 3M by 20,703.2% during the first quarter. Ronna Sue Cohen now owns 2,685,486 shares of the conglomerate’s stock valued at $2,685,000 after acquiring an additional 2,672,577 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of 3M by 3.7% during the fourth quarter. Deutsche Bank AG now owns 2,556,166 shares of the conglomerate’s stock valued at $487,042,000 after acquiring an additional 90,071 shares during the last quarter. Finally, Jensen Investment Management Inc. raised its holdings in shares of 3M by 15.8% during the second quarter. Jensen Investment Management Inc. now owns 2,296,670 shares of the conglomerate’s stock valued at $398,105,000 after acquiring an additional 312,811 shares during the last quarter. Institutional investors own 66.84% of the company’s stock.

In related news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.83% of the stock is currently owned by insiders.

MMM has been the subject of a number of research analyst reports. Royal Bank of Canada set a $179.00 target price on 3M and gave the company a “hold” rating in a report on Friday, July 26th. Citigroup decreased their target price on 3M from $221.00 to $197.00 and set a “buy” rating for the company in a report on Monday, June 3rd. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a report on Monday, July 29th. Morgan Stanley lifted their target price on 3M from $172.00 to $177.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. decreased their target price on 3M from $143.00 to $140.00 and set an “underweight” rating for the company in a report on Tuesday, August 6th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $182.54.

3M stock opened at $154.78 on Wednesday. 3M Co has a 1-year low of $155.08 and a 1-year high of $219.75. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The stock has a market cap of $89.66 billion, a PE ratio of 14.80, a P/E/G ratio of 1.77 and a beta of 1.09. The stock’s fifty day moving average is $167.60 and its two-hundred day moving average is $185.30.

3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period last year, the firm earned $2.59 earnings per share. 3M’s quarterly revenue was down 2.6% on a year-over-year basis. On average, research analysts expect that 3M Co will post 9.28 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Friday, August 16th will be given a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date is Thursday, August 15th. 3M’s dividend payout ratio (DPR) is currently 55.07%.

3M Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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