Baird Financial Group Inc. Acquires 3,374 Shares of 3M Co (MMM)

Baird Financial Group Inc. grew its holdings in 3M Co (NYSE:MMM) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 315,747 shares of the conglomerate’s stock after acquiring an additional 3,374 shares during the quarter. Baird Financial Group Inc. owned 0.05% of 3M worth $66,995,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Fundsmith Equity Fund L.P. bought a new stake in shares of 3M in the second quarter valued at about $668,488,000. Holderness Investments Co. boosted its position in shares of 3M by 7.3% in the second quarter. Holderness Investments Co. now owns 4,350 shares of the conglomerate’s stock valued at $856,000 after acquiring an additional 295 shares during the period. CWH Capital Management Inc. bought a new stake in shares of 3M in the second quarter valued at about $220,000. State Treasurer State of Michigan boosted its position in shares of 3M by 0.3% in the second quarter. State Treasurer State of Michigan now owns 175,776 shares of the conglomerate’s stock valued at $34,579,000 after acquiring an additional 500 shares during the period. Finally, Boulegeris Investments Inc. boosted its position in shares of 3M by 28.8% in the second quarter. Boulegeris Investments Inc. now owns 6,526 shares of the conglomerate’s stock valued at $1,284,000 after acquiring an additional 1,461 shares during the period. 67.00% of the stock is owned by institutional investors.

Several equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. UBS Group upped their price objective on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Deutsche Bank upped their price objective on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research report on Friday, September 28th. Barclays cut their price objective on shares of 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a research report on Monday, November 19th. Finally, Morgan Stanley assumed coverage on shares of 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $225.16.

MMM opened at $198.24 on Friday. 3M Co has a twelve month low of $181.98 and a twelve month high of $259.77. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. The stock has a market cap of $117.74 billion, a P/E ratio of 21.62, a PEG ratio of 2.00 and a beta of 1.18.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). The firm had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. 3M had a return on equity of 54.60% and a net margin of 13.79%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.33 EPS. As a group, analysts anticipate that 3M Co will post 9.95 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be issued a $1.36 dividend. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.74%. 3M’s dividend payout ratio (DPR) is currently 59.32%.

3M declared that its board has approved a share repurchase program on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the conglomerate to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

In related news, Director Gregory R. Page bought 1,000 shares of the company’s stock in a transaction dated Friday, October 26th. The stock was purchased at an average price of $184.50 per share, with a total value of $184,500.00. Following the completion of the acquisition, the director now owns 1,500 shares of the company’s stock, valued at $276,750. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.

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3M Profile

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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