Napatree Capital LLC Acquires Shares of 6,616 3M (NYSE:MMM)

Napatree Capital LLC bought a new position in shares of 3M (NYSE:MMMFree Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,616 shares of the conglomerate’s stock, valued at approximately $723,000.

Several other hedge funds have also modified their holdings of the stock. Shoker Investment Counsel Inc. raised its holdings in 3M by 49.7% during the 3rd quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after purchasing an additional 5,561 shares during the last quarter. Jade Capital Advisors LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $4,373,000. MWA Asset Management bought a new stake in shares of 3M during the fourth quarter worth approximately $1,723,000. Scarborough Advisors LLC acquired a new position in 3M in the fourth quarter valued at approximately $978,000. Finally, Diversified Trust Co boosted its stake in 3M by 1.4% in the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after acquiring an additional 263 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on MMM shares. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $105.00 to $120.00 in a research report on Friday, June 7th. Barclays increased their target price on 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. Royal Bank of Canada boosted their target price on 3M from $78.00 to $87.00 and gave the stock an “underperform” 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 price target on the stock in a research report on Thursday, June 13th. Finally, StockNews.com began coverage on shares of 3M in a report on Thursday, June 6th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $111.58.

Get Our Latest Report on MMM

3M Trading Down 0.4 %

3M stock opened at $100.10 on Tuesday. The company has a 50 day moving average of $97.42 and a 200-day moving average of $99.27. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. 3M has a twelve month low of $71.12 and a twelve month high of $106.04.

3M (NYSE:MMMGet Free Report) last announced 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 negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. During the same period in the prior year, the business earned $1.97 EPS. Equities analysts predict that 3M will post 7.09 EPS for the current year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

3M Company 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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