BKD Wealth Advisors LLC trimmed its holdings in shares of 3M Co (NYSE:MMM) by 3.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,679 shares of the conglomerate’s stock after selling 682 shares during the period. BKD Wealth Advisors LLC’s holdings in 3M were worth $3,559,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. IMS Capital Management bought a new position in shares of 3M in the 3rd quarter valued at approximately $108,000. Arlington Partners LLC raised its stake in shares of 3M by 177.8% in the 4th quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock valued at $119,000 after acquiring an additional 400 shares in the last quarter. Vectors Research Management LLC bought a new position in shares of 3M in the 3rd quarter valued at approximately $122,000. Price Capital Management Inc. bought a new position in shares of 3M in the 3rd quarter valued at approximately $126,000. Finally, Psagot Investment House Ltd. bought a new position in shares of 3M in the 3rd quarter valued at approximately $131,000. 66.11% of the stock is currently owned by institutional investors.
In related news, Chairman Inge G. Thulin sold 13,499 shares of the company’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total value of $2,699,800.00. Following the completion of the sale, the chairman now owns 230,458 shares in the company, valued at $46,091,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.72% of the company’s stock.
Several brokerages have commented on MMM. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, December 5th. Barclays dropped their price target on 3M from $201.00 to $195.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 24th. Morgan Stanley set a $198.00 price objective on 3M and gave the stock a “hold” rating in a report on Wednesday, October 24th. Credit Suisse Group reissued an “outperform” rating and set a $220.00 price objective (down previously from $230.00) on shares of 3M in a report on Thursday, January 3rd. Finally, UBS Group decreased their price objective on 3M from $220.00 to $211.00 and set a “hold” rating on the stock in a report on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $214.57.
3M stock opened at $199.16 on Friday. The firm has a market capitalization of $116.63 billion, a price-to-earnings ratio of 19.04, a price-to-earnings-growth ratio of 1.82 and a beta of 1.14. 3M Co has a 52 week low of $176.87 and a 52 week high of $248.75. The company has a current ratio of 1.89, a quick ratio of 1.36 and a debt-to-equity ratio of 1.36.
3M (NYSE:MMM) last released its earnings results on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.28 by $0.03. The company had revenue of $7.95 billion during the quarter, compared to the consensus estimate of $7.87 billion. 3M had a return on equity of 57.70% and a net margin of 16.33%. The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.10 earnings per share. Research analysts anticipate that 3M Co will post 10.75 earnings per share for the current year.
3M announced that its Board of Directors has initiated a stock repurchase program on Tuesday, November 13th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the conglomerate to purchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
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3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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