Fragasso Financial Advisors Inc Increases Holdings in 3M (NYSE:MMM)

Fragasso Financial Advisors Inc grew its holdings in 3M (NYSE:MMM) by 4.2% during the second quarter, HoldingsChannel reports. The fund owned 2,638 shares of the conglomerate’s stock after purchasing an additional 106 shares during the period. Fragasso Financial Advisors Inc’s holdings in 3M were worth $270,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of 3M in the 4th quarter valued at $502,585,000. Balyasny Asset Management L.P. grew its holdings in shares of 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares during the last quarter. Capital World Investors acquired a new stake in shares of 3M during the first quarter worth about $165,986,000. Los Angeles Capital Management LLC lifted its holdings in shares of 3M by 157.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock valued at $197,377,000 after purchasing an additional 1,103,459 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of 3M by 8,766.0% in the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after purchasing an additional 1,068,748 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.2 %

Shares of NYSE:MMM traded up $0.28 during midday trading on Tuesday, hitting $124.89. The company had a trading volume of 4,333,467 shares, compared to its average volume of 5,462,141. 3M has a 12 month low of $71.12 and a 12 month high of $128.65. The firm has a fifty day simple moving average of $104.99 and a 200 day simple moving average of $99.47. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock has a market cap of $69.11 billion, a price-to-earnings ratio of -9.87, a PEG ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter last year, the business posted $2.17 EPS. On average, analysts predict that 3M will post 7.21 EPS for the current year.

3M Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.24%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MMM shares. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and raised their price objective for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. Royal Bank of Canada lifted their target price on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Hold” and a consensus target price of $123.57.

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.