Thrivent Financial for Lutherans Has $8.75 Million Stock Position in 3M (NYSE:MMM)

Thrivent Financial for Lutherans grew its stake in shares of 3M (NYSE:MMM) by 5.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 64,013 shares of the conglomerate’s stock after purchasing an additional 3,404 shares during the quarter. Thrivent Financial for Lutherans’ holdings in 3M were worth $8,751,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the company. Peterson Financial Group Inc. bought a new stake in 3M in the 3rd quarter valued at $138,000. Tower Bridge Advisors bought a new stake in shares of 3M in the third quarter valued at about $422,000. Seizert Capital Partners LLC grew its stake in shares of 3M by 2.2% in the third quarter. Seizert Capital Partners LLC now owns 14,587 shares of the conglomerate’s stock valued at $1,994,000 after acquiring an additional 311 shares in the last quarter. Heritage Investment Group Inc. acquired a new stake in 3M in the 3rd quarter worth about $234,000. Finally, RIA Advisory Group LLC bought a new stake in 3M in the 3rd quarter valued at about $1,662,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

3M stock opened at $128.43 on Friday. The business has a 50 day moving average of $132.56 and a 200-day moving average of $118.95. The company has a market capitalization of $69.94 billion, a P/E ratio of 16.22, a P/E/G ratio of 2.12 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company’s revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.68 EPS. On average, equities research analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is presently 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of analyst reports. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research report on Tuesday, October 22nd. Barclays increased their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Mizuho upped their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Finally, 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 research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Company 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.