Charles Schwab Investment Management Inc. Has $486.63 Million Holdings in 3M (NYSE:MMM)

Charles Schwab Investment Management Inc. lessened its holdings in 3M (NYSE:MMM) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,559,817 shares of the conglomerate’s stock after selling 29,570 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.65% of 3M worth $486,627,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. McClarren Financial Advisors Inc. grew its holdings in shares of 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 bought a new position in shares of 3M in the 2nd quarter worth $28,000. Meeder Asset Management Inc. boosted its holdings in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares during the last quarter. TruNorth Capital Management LLC acquired a new stake in shares of 3M in the 2nd quarter valued at approximately $33,000. Finally, Gradient Investments LLC boosted its stake in 3M by 44.7% during the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after acquiring an additional 110 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

Shares of NYSE MMM opened at $127.32 on Friday. The stock’s 50-day simple moving average is $132.66 and its two-hundred day simple moving average is $118.73. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm has a market capitalization of $69.33 billion, a P/E ratio of 16.08, a P/E/G ratio of 2.12 and a beta of 0.95.

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

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analyst Weigh In

Several brokerages have commented on MMM. JPMorgan Chase & Co. upped their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Barclays increased their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company increased their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Finally, Bank of America increased their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

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.