3M (NYSE:MMM) Shares Bought by Baker Tilly Wealth Management LLC

Posted by Defense World Staff on Jun 25th, 2023

3M logo Baker Tilly Wealth Management LLC grew its position in shares of 3M (NYSE:MMM – Get Rating) by 35.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 6,144 shares of the conglomerate’s stock after purchasing an additional 1,598 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in 3M were worth $646,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of 3M by 9.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 13,132,871 shares of the conglomerate’s stock valued at $1,567,502,000 after purchasing an additional 1,116,821 shares during the period. Geode Capital Management LLC boosted its stake in shares of 3M by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 10,855,421 shares of the conglomerate’s stock worth $1,299,514,000 after acquiring an additional 508,283 shares in the last quarter. Morgan Stanley boosted its stake in shares of 3M by 8.3% during the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after acquiring an additional 825,223 shares in the last quarter. Northern Trust Corp boosted its stake in shares of 3M by 0.6% during the 1st quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock worth $1,103,670,000 after acquiring an additional 44,714 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC boosted its stake in shares of 3M by 73,903.2% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after acquiring an additional 6,647,593 shares in the last quarter. 64.60% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

MMM opened at $100.72 on Friday. 3M has a 1 year low of $92.38 and a 1 year high of $152.30. The stock has a fifty day moving average price of $101.40 and a 200 day moving average price of $109.59. 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 stock has a market cap of $55.56 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 1.27 and a beta of 0.95.

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

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders 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 yield of 5.96%. 3M’s dividend payout ratio (DPR) is currently 62.18%.

Analyst Ratings Changes

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

Insider Buying and Selling at 3M

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

3M Profile

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3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.