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

Larson Financial Group LLC raised its stake in shares of 3M (NYSE:MMM) by 22.8% during the 3rd quarter, Holdings Channel.com reports. The fund owned 23,451 shares of the conglomerate’s stock after purchasing an additional 4,347 shares during the quarter. Larson Financial Group LLC’s holdings in 3M were worth $3,206,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. MFA Wealth Advisors LLC purchased a new position in shares of 3M during the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC grew its position in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. raised its stake in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the period. Finally, TruNorth Capital Management LLC bought a new position in shares of 3M during the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on MMM shares. Wells Fargo & Company raised 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. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Barclays upped their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Mizuho lifted their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Up 0.9 %

Shares of MMM opened at $128.42 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The company has a market cap of $69.93 billion, a PE ratio of 16.21, a P/E/G ratio of 2.11 and a beta of 0.95. The business has a fifty day moving average of $132.56 and a 200 day moving average of $119.11.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.68 EPS. On average, sell-side analysts expect that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued 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 2.18%. 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.