3M (NYSE:MMM) Shares Sold by Meridian Wealth Management LLC

Meridian Wealth Management LLC trimmed its position in 3M (NYSE:MMMFree Report) by 14.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,412 shares of the conglomerate’s stock after selling 1,274 shares during the period. Meridian Wealth Management LLC’s holdings in 3M were worth $810,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. lifted its stake in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in shares of 3M by 157.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after buying an additional 1,103,459 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of 3M by 8,766.0% in the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after buying an additional 1,068,748 shares during the period. Van ECK Associates Corp grew its position in shares of 3M by 20.8% during the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock valued at $275,630,000 after buying an additional 506,654 shares during the last quarter. Finally, FMR LLC raised its stake in 3M by 29.8% during the third quarter. FMR LLC now owns 1,908,914 shares of the conglomerate’s stock worth $178,713,000 after acquiring an additional 438,424 shares during the period. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MMM shares. UBS Group raised their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price target for the company from $92.00 to $140.00 in a report on Thursday. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and increased their price objective for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Wells Fargo & Company reduced their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Finally, StockNews.com initiated coverage on shares of 3M in a research note on Monday, May 13th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $107.55.

Get Our Latest Stock Analysis on 3M

3M Trading Up 0.4 %

3M stock opened at $105.26 on Friday. 3M has a 1 year low of $71.12 and a 1 year high of $105.72. The firm’s 50 day moving average price is $97.60 and its two-hundred day moving average price is $98.37. The firm has a market cap of $58.25 billion, a price-to-earnings ratio of -8.28, a price-to-earnings-growth ratio of 1.93 and a beta of 1.00. 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 (NYSE:MMMGet Free Report) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the firm earned $1.97 earnings per share. On average, research analysts predict that 3M will post 7.23 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Thursday, May 23rd. 3M’s payout ratio is -47.48%.

3M Profile

(Free Report)

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.

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

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