Meridian Wealth Management LLC Has $810,000 Holdings in 3M (NYSE:MMM)

Meridian Wealth Management LLC trimmed its position in shares of 3M (NYSE:MMM) by 14.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP increased its position in 3M by 12.6% during the third quarter. Allworth Financial LP now owns 9,105 shares of the conglomerate’s stock worth $852,000 after buying an additional 1,017 shares during the last quarter. Money Concepts Capital Corp raised its stake in 3M by 5.3% in the 3rd quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock valued at $210,000 after acquiring an additional 112 shares during the period. Verus Capital Partners LLC acquired a new stake in 3M during the 3rd quarter valued at $227,000. WealthPlan Investment Management LLC bought a new position in 3M during the third quarter worth $203,000. Finally, Empirical Finance LLC increased its holdings in shares of 3M by 9.1% in the third quarter. Empirical Finance LLC now owns 19,350 shares of the conglomerate’s stock valued at $1,812,000 after purchasing an additional 1,606 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Price Performance

MMM stock opened at $105.26 on Friday. The company’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 P/E ratio of -8.28, a P/E/G ratio of 1.93 and a beta of 1.00. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a 12 month low of $71.12 and a 12 month high of $105.72.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter last year, the business posted $1.97 EPS. On average, analysts anticipate that 3M will post 7.23 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.66%. 3M’s dividend payout ratio (DPR) is currently -47.48%.

Analyst Ratings Changes

Several analysts recently commented on the stock. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. HSBC raised 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $91.13 to $115.00 in a research report on Friday, May 10th. Vertical Research upgraded 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 research note on Thursday. StockNews.com began coverage on 3M in a research report on Monday, May 13th. They set a “buy” rating on the stock. Finally, 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 report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $107.55.

3M 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.