Los Angeles Capital Management LLC Grows Stock Holdings in 3M (NYSE:MMM)

Los Angeles Capital Management LLC increased its position in shares of 3M (NYSE:MMM - Free Report) by 215.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,557 shares of the conglomerate's stock after buying an additional 22,932 shares during the period. Los Angeles Capital Management LLC's holdings in 3M were worth $4,587,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of MMM. Stockman Wealth Management Inc. acquired a new position in shares of 3M in the third quarter valued at approximately $205,000. River Global Investors LLP lifted its position in 3M by 3.9% in the 3rd quarter. River Global Investors LLP now owns 13,760 shares of the conglomerate's stock worth $1,880,000 after buying an additional 514 shares during the last quarter. Baker Avenue Asset Management LP bought a new stake in 3M in the 3rd quarter worth approximately $337,000. Eagle Bluffs Wealth Management LLC increased its stake in 3M by 0.7% in the 3rd quarter. Eagle Bluffs Wealth Management LLC now owns 13,603 shares of the conglomerate's stock worth $1,860,000 after purchasing an additional 92 shares during the period. Finally, Kerusso Capital Management LLC increased its stake in shares of 3M by 6.4% during the third quarter. Kerusso Capital Management LLC now owns 22,961 shares of the conglomerate's stock valued at $3,139,000 after buying an additional 1,387 shares during the period. Institutional investors own 65.25% of the company's stock.

3M Stock Down 2.3 %

Shares of MMM stock traded down $3.04 during midday trading on Tuesday, reaching $129.96. 1,515,508 shares of the stock were exchanged, compared to its average volume of 4,871,251. 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 company's 50 day moving average is $132.79 and its two-hundred day moving average is $117.13. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a market cap of $70.77 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business's revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.68 EPS. On average, equities research analysts predict that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.15%. 3M's dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Monday, October 28th. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They issued an "underweight" rating and a $125.00 price target on the stock. Melius upgraded 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Finally, Citigroup upped their price target on 3M from $100.00 to $133.00 and gave the company a "neutral" rating in a research report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $139.27.

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.