6,616 Shares in 3M (NYSE:MMM) Acquired by Napatree Capital LLC

Napatree Capital LLC purchased a new stake in 3M (NYSE:MMMFree Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,616 shares of the conglomerate’s stock, valued at approximately $723,000.

Several other large investors have also recently modified their holdings of MMM. Vanguard Group Inc. increased its holdings in 3M by 0.7% in the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after purchasing an additional 317,483 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of 3M by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after buying an additional 43,732 shares during the period. Norges Bank bought a new position in shares of 3M during the fourth quarter worth about $502,585,000. Invesco Ltd. lifted its stake in shares of 3M by 2.4% in the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after acquiring an additional 94,864 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after acquiring an additional 3,508,334 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MMM shares. UBS Group boosted their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a report on Thursday, June 13th. Barclays increased their price target on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. Citigroup lifted their price objective on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, Mizuho restated a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and a consensus target price of $111.58.

Read Our Latest Research Report on 3M

3M Price Performance

MMM stock opened at $100.10 on Tuesday. The stock’s 50 day simple moving average is $97.42 and its 200 day simple moving average is $99.27. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $106.04.

3M (NYSE:MMMGet Free Report) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period in the prior year, the firm earned $1.97 earnings per share. Equities research analysts forecast that 3M will post 7.09 EPS for the current fiscal year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio is currently -22.01%.

3M Profile

(Free Report)

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.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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