Meeder Asset Management Inc. Buys 214 Shares of 3M (NYSE:MMM)

Meeder Asset Management Inc. lifted its position in 3M (NYSE:MMM) by 230.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 307 shares of the conglomerate’s stock after purchasing an additional 214 shares during the period. Meeder Asset Management Inc.’s holdings in 3M were worth $40,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Investors Asset Management of Georgia Inc. GA ADV boosted its stake in 3M by 1.3% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock worth $694,000 after purchasing an additional 67 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of 3M by 1.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock worth $665,000 after buying an additional 70 shares in the last quarter. Gilbert & Cook Inc. boosted its position in 3M by 1.5% during the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock worth $659,000 after acquiring an additional 73 shares during the last quarter. Childress Capital Advisors LLC grew its stake in 3M by 5.1% during the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock valued at $203,000 after acquiring an additional 76 shares in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its stake in 3M by 5.3% in the 4th quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate’s stock worth $196,000 after purchasing an additional 77 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on MMM. Citigroup increased their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Barclays boosted their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Finally, Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, 3M currently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

3M Stock Up 0.6 %

Shares of MMM opened at $147.74 on Wednesday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock has a market capitalization of $79.68 billion, a PE ratio of 19.57, a P/E/G ratio of 3.30 and a beta of 0.97. The company’s 50-day simple moving average is $149.73 and its 200-day simple moving average is $138.49. 3M has a 1 year low of $89.54 and a 1 year high of $156.35.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.42 EPS. Analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is 38.68%.

Insiders Place Their Bets

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares of the company’s stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the transaction, the chairman now directly owns 180,895 shares in the company, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by corporate insiders.

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.