Larson Financial Group LLC Increases Stock Position in 3M (NYSE:MMM)

Larson Financial Group LLC boosted its holdings in 3M (NYSE:MMM) by 22.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,451 shares of the conglomerate’s stock after buying an additional 4,347 shares during the period. Larson Financial Group LLC’s holdings in 3M were worth $3,206,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Gamco Investors INC. ET AL increased its position in shares of 3M by 11.2% during the first quarter. Gamco Investors INC. ET AL now owns 9,341 shares of the conglomerate’s stock valued at $991,000 after buying an additional 941 shares during the period. Gabelli Funds LLC increased its holdings in 3M by 20.3% during the 1st quarter. Gabelli Funds LLC now owns 2,225 shares of the conglomerate’s stock worth $236,000 after acquiring an additional 375 shares during the period. Lazard Asset Management LLC lifted its stake in 3M by 1.2% in the 1st quarter. Lazard Asset Management LLC now owns 264,767 shares of the conglomerate’s stock worth $28,083,000 after purchasing an additional 3,147 shares in the last quarter. Mount Yale Investment Advisors LLC boosted its holdings in 3M by 9.0% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 8,448 shares of the conglomerate’s stock valued at $896,000 after purchasing an additional 700 shares during the period. Finally, Kodai Capital Management LP grew its position in shares of 3M by 387.5% during the 1st quarter. Kodai Capital Management LP now owns 343,692 shares of the conglomerate’s stock valued at $36,455,000 after purchasing an additional 273,189 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Wells Fargo & Company boosted 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. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Bank of America increased their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Trading Up 0.9 %

NYSE MMM opened at $128.42 on Friday. The stock’s 50 day moving average is $132.56 and its 200 day moving average is $119.11. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm has a market capitalization of $69.93 billion, a PE ratio of 16.21, a P/E/G ratio of 2.11 and a beta of 0.95. 3M has a twelve month low of $75.40 and a twelve month high of $141.34.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping 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 firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the firm earned $2.68 EPS. The company’s revenue was down 24.3% compared to the same quarter last year. Research analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

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 given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is currently 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.