Glenmede Trust Co. NA Decreases Position in 3M (NYSE:MMM)

Glenmede Trust Co. NA trimmed its holdings in shares of 3M (NYSE:MMM) by 1.7% in the third quarter, Holdings Channel reports. The institutional investor owned 206,876 shares of the conglomerate’s stock after selling 3,615 shares during the period. Glenmede Trust Co. NA’s holdings in 3M were worth $28,280,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. McClarren Financial Advisors Inc. lifted its stake in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the last quarter. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the 2nd quarter worth approximately $28,000. Meeder Asset Management Inc. boosted its holdings in shares of 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in shares of 3M in the 2nd quarter valued at $33,000. Finally, Gradient Investments LLC grew its position in shares of 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after buying an additional 110 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MMM shares. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Barclays boosted their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Finally, Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Price Performance

3M stock opened at $132.46 on Thursday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a market cap of $72.13 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. The business has a fifty day moving average of $132.45 and a two-hundred day moving average of $119.84.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the previous year, the firm earned $2.68 earnings per share. The firm’s revenue was down 24.3% on a year-over-year basis. As a group, analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

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.