LPL Financial LLC Buys 9,158 Shares of 3M (NYSE:MMM)

LPL Financial LLC increased its stake in 3M (NYSE:MMM) by 1.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 737,531 shares of the conglomerate’s stock after purchasing an additional 9,158 shares during the period. LPL Financial LLC owned approximately 0.14% of 3M worth $100,820,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of New York Mellon Corp raised its position in shares of 3M by 11.8% in 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 buying an additional 533,520 shares in the last quarter. Pacer Advisors Inc. increased its stake in 3M by 2.0% in the second 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 stake in 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in 3M by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after purchasing an additional 11,315 shares during the last quarter. Finally, National Pension Service increased its stake in shares of 3M by 14.5% in the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock valued at $173,336,000 after purchasing an additional 161,036 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.9 %

Shares of MMM stock opened at $128.42 on Friday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. 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 price-to-earnings ratio of 16.21, a PEG ratio of 2.11 and a beta of 0.95. The stock has a 50-day moving average of $132.56 and a 200-day moving average of $119.11.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates 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 company’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.68 EPS. On average, equities research analysts forecast that 3M will post 7.27 earnings per share for the current 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 given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MMM. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Citigroup lifted their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and increased their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Barclays boosted their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $144.87.

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.