Larson Financial Group LLC Buys 4,347 Shares of 3M (NYSE:MMM)

Larson Financial Group LLC grew its stake in shares of 3M (NYSE:MMM - Free Report) by 22.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 23,451 shares of the conglomerate's stock after acquiring an additional 4,347 shares during the period. Larson Financial Group LLC's holdings in 3M were worth $3,206,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its position in shares of 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate's stock valued at $517,617,000 after acquiring an additional 533,520 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate's stock valued at $506,135,000 after acquiring an additional 97,340 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate's stock valued at $258,686,000 after acquiring an additional 396,773 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 3M by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate's stock valued at $198,298,000 after acquiring an additional 11,315 shares during the last quarter. Finally, National Pension Service lifted its position in shares of 3M by 14.5% during the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate's stock valued at $173,336,000 after acquiring an additional 161,036 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Up 0.9 %

3M stock traded up $1.10 during mid-day trading on Friday, hitting $128.42. 3,052,490 shares of the company's stock were exchanged, compared to its average volume of 3,195,841. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a market cap of $69.93 billion, a P/E ratio of 16.21, a P/E/G ratio of 2.11 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The stock has a 50 day moving average of $132.56 and a two-hundred day moving average of $119.28.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.29 billion during the quarter, compared to analysts' expectations of $6.06 billion. During the same period in the prior year, the company earned $2.68 earnings per share. The business's quarterly revenue was down 24.3% compared to the same quarter last year. As a group, analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Friday, November 15th. 3M's dividend payout ratio (DPR) is 35.35%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MMM shares. Wells Fargo & Company boosted their target price on shares of 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the company a "neutral" rating in a research note on Monday, July 29th. Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research note on Thursday, October 17th. StockNews.com downgraded shares of 3M from a "buy" rating to a "hold" rating in a research note on Monday, July 29th. Finally, Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $144.87.

3M Company 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.