Principal Financial Group Inc. Has $100.76 Million Stake in 3M (NYSE:MMM)

Principal Financial Group Inc. raised its stake in shares of 3M (NYSE:MMM - Free Report) by 15.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 737,075 shares of the conglomerate's stock after acquiring an additional 97,741 shares during the quarter. Principal Financial Group Inc. owned approximately 0.14% of 3M worth $100,758,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MMM. Lantz Financial LLC lifted its holdings in 3M by 8.0% during the 2nd quarter. Lantz Financial LLC now owns 2,469 shares of the conglomerate's stock worth $252,000 after buying an additional 183 shares during the last quarter. McAdam LLC boosted its holdings in 3M by 35.8% in the second quarter. McAdam LLC now owns 2,620 shares of the conglomerate's stock worth $268,000 after purchasing an additional 690 shares during the period. Institute for Wealth Management LLC. increased its stake in 3M by 11.2% during the second quarter. Institute for Wealth Management LLC. now owns 2,895 shares of the conglomerate's stock valued at $296,000 after purchasing an additional 292 shares during the last quarter. Clear Creek Financial Management LLC raised its holdings in shares of 3M by 44.1% during the second quarter. Clear Creek Financial Management LLC now owns 3,234 shares of the conglomerate's stock worth $330,000 after purchasing an additional 989 shares during the period. Finally, AMG National Trust Bank lifted its position in shares of 3M by 3.1% in the 2nd quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate's stock worth $340,000 after buying an additional 100 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MMM. 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. Mizuho increased their price target on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research report on Thursday, October 17th. Morgan Stanley started coverage on 3M in a research report on Friday, September 6th. They set an "underweight" rating and a $125.00 price objective for the company. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Monday, October 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Monday, October 28th. Two research 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.87.

3M Trading Up 1.7 %

3M stock opened at $129.28 on Friday. The company has a 50 day moving average price of $130.65 and a 200 day moving average price of $123.19. 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 52 week low of $75.40 and a 52 week high of $141.34. The firm has a market capitalization of $70.40 billion, a price-to-earnings ratio of 16.32, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) 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 firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the business earned $2.68 EPS. The business's revenue for the quarter was down 24.3% on a year-over-year basis. Research analysts forecast that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.17%. 3M's payout ratio is 35.35%.

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.