BKM Wealth Management LLC Invests $290,000 in 3M (NYSE:MMM)

BKM Wealth Management LLC bought a new position in 3M (NYSE:MMM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,120 shares of the conglomerate’s stock, valued at approximately $290,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Parcion Private Wealth LLC boosted its holdings in 3M by 9.0% in the third quarter. Parcion Private Wealth LLC now owns 5,964 shares of the conglomerate’s stock valued at $815,000 after purchasing an additional 493 shares during the last quarter. Allworth Financial LP boosted its holdings in 3M by 18.2% in the third quarter. Allworth Financial LP now owns 26,586 shares of the conglomerate’s stock valued at $3,634,000 after purchasing an additional 4,091 shares during the last quarter. Elwood & Goetz Wealth Advisory Group LLC acquired a new stake in 3M during the third quarter valued at approximately $233,000. Trueblood Wealth Management LLC acquired a new stake in 3M during the third quarter valued at approximately $202,000. Finally, BayBridge Capital Group LLC raised its stake in 3M by 1.2% during the third quarter. BayBridge Capital Group LLC now owns 11,000 shares of the conglomerate’s stock valued at $1,504,000 after buying an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, 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 3M stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $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 corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Royal Bank of Canada raised their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday. Finally, Bank of America raised their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $135.67.

3M Stock Performance

MMM opened at $124.75 on Friday. The firm has a market cap of $68.53 billion, a PE ratio of 15.75, a P/E/G ratio of 2.42 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business has a fifty day simple moving average of $133.00 and a 200-day simple moving average of $114.03. 3M has a fifty-two week low of $72.47 and a fifty-two week high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same period last year, the company posted $2.68 EPS. As a group, equities analysts predict that 3M will post 7.26 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.24%. 3M’s dividend payout ratio is 35.35%.

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.