Napa Wealth Management Invests $1.15 Million in 3M (NYSE:MMM)

Napa Wealth Management purchased a new position in shares of 3M (NYSE:MMM - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 8,438 shares of the conglomerate's stock, valued at approximately $1,153,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. McClarren Financial Advisors Inc. grew its stake in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock valued at $30,000 after purchasing an additional 121 shares in the last quarter. MFA Wealth Advisors LLC acquired a new position in 3M during the second quarter worth $28,000. Meeder Asset Management Inc. raised its position in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock worth $31,000 after acquiring an additional 269 shares in the last quarter. TruNorth Capital Management LLC acquired a new stake in 3M in the second quarter valued at $33,000. Finally, Gradient Investments LLC grew its position in shares of 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate's stock valued at $36,000 after acquiring an additional 110 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

Shares of MMM traded up $0.38 during midday trading on Monday, hitting $130.17. The company's stock had a trading volume of 2,357,045 shares, compared to its average volume of 4,832,898. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $70.89 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. 3M has a one year low of $75.40 and a one year high of $141.34. The company's fifty day simple moving average is $132.80 and its two-hundred day simple moving average is $118.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the business earned $2.68 earnings per share. The company's revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, equities analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.15%. 3M's payout ratio is 35.35%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MMM shares. UBS Group upgraded shares of 3M from a "neutral" rating to a "buy" rating and raised their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Argus raised 3M from a "hold" rating to a "buy" rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Citigroup upped their price objective on shares of 3M from $100.00 to $133.00 and gave the company a "neutral" rating in a report on Monday, July 29th. StockNews.com cut shares of 3M from a "buy" rating to a "hold" rating in a research note on Monday, July 29th. Finally, Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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.