3M (NYSE:MMM) Shares Sold by B. Riley Wealth Advisors Inc.

Posted by Defense World Staff on Jun 17th, 2023

3M logo B. Riley Wealth Advisors Inc. decreased its position in 3M (NYSE:MMM – Get Rating) by 11.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 38,845 shares of the conglomerate’s stock after selling 4,991 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in 3M were worth $4,658,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. MADDEN SECURITIES Corp purchased a new position in shares of 3M during the 4th quarter worth approximately $25,000. Financial Freedom LLC purchased a new position in shares of 3M during the 4th quarter worth approximately $25,000. US Asset Management LLC purchased a new position in shares of 3M during the 4th quarter worth approximately $27,000. Piershale Financial Group Inc. purchased a new position in shares of 3M during the 4th quarter worth approximately $29,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new position in shares of 3M during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 65.61% of the company’s stock.

3M Price Performance

MMM stock opened at $104.53 on Friday. The stock has a 50-day moving average price of $101.68 and a two-hundred day moving average price of $110.52. 3M has a 12-month low of $92.38 and a 12-month high of $152.30. The company has a current ratio of 1.42, a quick ratio of 0.91 and a debt-to-equity ratio of 0.84. The company has a market cap of $57.67 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 1.24 and a beta of 0.95.

3M (NYSE:MMM – Get Rating) last posted its quarterly earnings results on Tuesday, April 25th. The conglomerate reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.37. 3M had a return on equity of 36.48% and a net margin of 16.31%. The firm had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.51 billion. During the same quarter in the previous year, the business earned $2.65 earnings per share. The firm’s quarterly revenue was down 9.0% compared to the same quarter last year. As a group, research analysts predict that 3M will post 8.66 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 12th. Investors of record on Friday, May 19th were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.00 annualized dividend and a dividend yield of 5.74%. 3M’s payout ratio is 62.18%.

Insider Buying and Selling

In other news, EVP Eric D. Hammes sold 6,487 shares of the stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $105.33, for a total value of $683,275.71. Following the completion of the sale, the executive vice president now owns 10,430 shares in the company, valued at $1,098,591.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Eric D. Hammes sold 6,487 shares of the company’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $105.33, for a total value of $683,275.71. Following the completion of the transaction, the executive vice president now directly owns 10,430 shares in the company, valued at $1,098,591.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Khandpur K. Ashish sold 9,432 shares of 3M stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $99.27, for a total transaction of $936,314.64. Following the sale, the insider now directly owns 20,943 shares in the company, valued at approximately $2,079,011.61. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, June 5th. Morgan Stanley cut their target price on shares of 3M from $110.00 to $103.00 and set an “underweight” rating for the company in a research note on Wednesday, April 19th. Royal Bank of Canada boosted their target price on shares of 3M from $89.00 to $95.00 in a research note on Wednesday, April 26th. Barclays reduced their price target on 3M from $105.00 to $103.00 and set an “underweight” rating on the stock in a research note on Thursday, April 6th. Finally, Wells Fargo & Company reduced their price target on 3M from $115.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 13th. Two investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and an average price target of $120.83.

About 3M

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.