Napa Wealth Management Purchases New Position in 3M (NYSE:MMM)

Napa Wealth Management acquired a new stake in 3M (NYSE:MMM) in the third quarter, according to its most recent filing with the SEC. The fund acquired 8,438 shares of the conglomerate’s stock, valued at approximately $1,153,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Strengthening Families & Communities LLC grew its position in shares of 3M by 9.6% in the third quarter. Strengthening Families & Communities LLC now owns 22,921 shares of the conglomerate’s stock valued at $3,133,000 after purchasing an additional 2,016 shares in the last quarter. Braun Stacey Associates Inc. bought a new position in 3M in the 3rd quarter worth about $16,458,000. Taurus Asset Management LLC boosted its stake in 3M by 0.4% in the 3rd quarter. Taurus Asset Management LLC now owns 134,658 shares of the conglomerate’s stock worth $18,408,000 after purchasing an additional 495 shares during the period. TrinityPoint Wealth LLC grew its holdings in 3M by 2.1% during the 3rd quarter. TrinityPoint Wealth LLC now owns 15,074 shares of the conglomerate’s stock valued at $2,061,000 after buying an additional 317 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position in shares of 3M by 5.6% during the third quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate’s stock valued at $8,751,000 after buying an additional 3,404 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.3 %

MMM opened at $129.40 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The stock has a market cap of $70.47 billion, a PE ratio of 16.39, a PEG ratio of 2.15 and a beta of 0.95. The business has a 50 day moving average of $132.80 and a 200-day moving average of $118.15.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion for 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 quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.68 EPS. Equities research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. 3M’s payout ratio is 35.35%.

Analyst Ratings Changes

A number of research analysts have recently commented on MMM shares. JPMorgan Chase & Co. boosted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and increased their price target for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Morgan Stanley began coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Wells Fargo & Company upped their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average target price of $144.87.

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.