Western Financial Corp CA Makes New $1.38 Million Investment in 3M (NYSE:MMM)

Western Financial Corp CA bought a new stake in shares of 3M (NYSE:MMM) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 10,122 shares of the conglomerate’s stock, valued at approximately $1,384,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Northwest Investment Counselors LLC bought a new position in 3M in the 3rd quarter valued at $57,000. 1858 Wealth Management LLC bought a new position in shares of 3M in the third quarter worth approximately $276,000. Crew Capital Management Ltd. bought a new position in shares of 3M in the third quarter worth approximately $229,000. Arlington Partners LLC raised its stake in 3M by 9.5% in the third quarter. Arlington Partners LLC now owns 34,148 shares of the conglomerate’s stock valued at $4,668,000 after purchasing an additional 2,961 shares in the last quarter. Finally, Koss Olinger Consulting LLC grew its stake in 3M by 4.2% in the 3rd quarter. Koss Olinger Consulting LLC now owns 8,378 shares of the conglomerate’s stock worth $1,145,000 after buying an additional 337 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MMM has been the subject of a number of research analyst reports. Bank of America lifted their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Barclays raised their price objective on 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Morgan Stanley started coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $130.57.

Insider Activity

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

3M Trading Down 0.5 %

MMM traded down $0.65 during midday trading on Monday, reaching $134.49. 3,449,198 shares of the company’s stock traded hands, compared to its average volume of 4,885,974. The stock has a market capitalization of $74.42 billion, a price-to-earnings ratio of -10.62, a P/E/G ratio of 2.49 and a beta of 0.95. 3M has a 52 week low of $71.12 and a 52 week high of $140.72. The firm has a fifty day moving average of $132.67 and a two-hundred day moving average of $112.87. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the business posted $2.17 earnings per share. On average, equities analysts anticipate that 3M will post 7.24 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

3M 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.