Napa Wealth Management Lowers Holdings in 3M Company $MMM

Key Points

• Napa Wealth Management has reduced its stake in 3M Company by 34.6%, owning 5,328 shares worth $782,000 after selling 2,820 shares in the first quarter.
• The recent quarterly earnings report revealed that 3M Company posted $2.16 EPS, surpassing the consensus estimate of $2.01, with a year-over-year revenue increase of 1.4%.
• 3M has declared a quarterly dividend of $0.73, providing an annualized dividend yield of 1.8%, with a dividend payout ratio of 40.61%.

Napa Wealth Management decreased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 34.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,328 shares of the conglomerate's stock after selling 2,820 shares during the quarter. Napa Wealth Management's holdings in 3M were worth $782,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MMM. Nuveen LLC purchased a new position in 3M during the first quarter valued at $235,020,000. Northern Trust Corp raised its stake in 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after buying an additional 755,155 shares during the last quarter. J. Goldman & Co LP purchased a new position in 3M during the fourth quarter valued at $63,471,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in 3M during the fourth quarter valued at $51,289,000. Finally, Jennison Associates LLC raised its stake in 3M by 84.7% during the first quarter. Jennison Associates LLC now owns 842,174 shares of the conglomerate's stock valued at $123,682,000 after buying an additional 386,093 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Performance

NYSE:MMM opened at $158.5790 on Friday. The stock has a 50-day simple moving average of $152.00 and a two-hundred day simple moving average of $147.29. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The firm has a market capitalization of $84.46 billion, a PE ratio of 22.06, a P/E/G ratio of 2.99 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The business had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the previous year, the company posted $1.93 earnings per share. 3M's revenue for the quarter was up 1.4% on a year-over-year basis. Analysts forecast that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.8%. 3M's dividend payout ratio (DPR) is 40.61%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MMM. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Thursday, August 14th. Citigroup boosted their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 price objective on 3M in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $158.10.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the sale, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the sale, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

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.

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