Lighthouse Investment Partners LLC Has $7.49 Million Stock Position in 3M (NYSE:MMM)

Lighthouse Investment Partners LLC raised its holdings in 3M (NYSE:MMM - Free Report) by 141.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 58,000 shares of the conglomerate's stock after purchasing an additional 34,000 shares during the period. Lighthouse Investment Partners LLC's holdings in 3M were worth $7,487,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Life Planners bought a new position in 3M during the 4th quarter valued at $25,000. Proficio Capital Partners LLC acquired a new position in 3M in the fourth quarter worth about $26,000. Hazlett Burt & Watson Inc. bought a new stake in 3M in the fourth quarter valued at about $27,000. Daymark Wealth Partners LLC lifted its holdings in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock worth $31,000 after buying an additional 19,552 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in shares of 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after acquiring an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Royal Bank of Canada upped their price target on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. increased their target price on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Citigroup cut 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. Finally, Barclays upped their target price on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $151.21.

3M Stock Performance

Shares of NYSE MMM traded up $4.37 during midday trading on Friday, reaching $153.11. 3,556,311 shares of the company traded hands, compared to its average volume of 4,028,161. The company has a market cap of $82.40 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 3.30 and a beta of 1.02. The stock has a 50-day moving average price of $141.49 and a 200 day moving average price of $139.15. 3M has a 52 week low of $96.76 and a 52 week high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

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

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.91%. 3M's dividend payout ratio (DPR) is presently 36.87%.

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.