Freestone Grove Partners LP Acquires Shares of 369,188 3M (NYSE:MMM)

Freestone Grove Partners LP acquired a new stake in 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 369,188 shares of the conglomerate's stock, valued at approximately $47,658,000. Freestone Grove Partners LP owned approximately 0.07% of 3M as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wayfinding Financial LLC purchased a new stake in 3M during the 4th quarter valued at about $851,000. Franklin Resources Inc. boosted its holdings in shares of 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock worth $114,770,000 after purchasing an additional 178,450 shares during the last quarter. Meyer Handelman Co. grew its position in shares of 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock valued at $25,511,000 after purchasing an additional 2,678 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of 3M in the fourth quarter valued at approximately $816,000. Finally, Braun Stacey Associates Inc. lifted its position in 3M by 18.4% during the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock worth $18,408,000 after buying an additional 22,203 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Trading Up 3.0 %

3M stock traded up $4.17 during midday trading on Friday, reaching $142.07. 2,729,425 shares of the stock traded hands, compared to its average volume of 4,049,576. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The firm has a market cap of $76.46 billion, a PE ratio of 18.82, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The company has a 50-day simple moving average of $142.33 and a two-hundred day simple moving average of $138.37. 3M has a 12-month low of $95.01 and a 12-month high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The firm had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.06%. 3M's dividend payout ratio (DPR) is 36.87%.

Analyst Ratings Changes

Several research firms have recently commented on MMM. Barclays lifted their price target on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. reduced their target price on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Citigroup decreased their target price on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Bank of America upped their price objective on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, 3M has a consensus rating of "Moderate Buy" and a consensus price target of $147.00.

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.