Buckley Wealth Management LLC, a prominent institutional investor, recently reduced its holdings in 3M (NYSE:MMM), a multinational conglomerate. According to their most recent filing with the Securities and Exchange Commission, Buckley Wealth Management LLC sold 1,186 shares during the second quarter, resulting in a decrease of their position by 6.5%. Their remaining ownership amounted to 17,068 shares of 3M stock, which had a market value of $1,708,000 at the end of the reporting period.
This news comes after 3M announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported earnings per share (EPS) of $2.17 for the quarter, surpassing the consensus estimate of $1.73 by $0.44. Despite a negative net margin of 4.43%, 3M managed to achieve a positive return on equity of 38.99%. The company generated $7.99 billion in revenue for the quarter, exceeding analysts’ expectations of $7.88 billion.
Comparing these figures to the previous year’s performance during the same quarter reveals that 3M experienced an 8.1% decline in revenue. However, it is important to note that the EPS for this quarter was higher than what was reported in the previous year ($2.48). Analysts predict that for this fiscal year ending December 31st, 3M will post earnings per share amounting to $8.95.
As an institutional investor selling off holdings in this particular conglomerate, Buckley Wealth Management LLC appears to be taking cues from various factors such as market trends and individual company performance metrics like revenue and earnings per share. While it is challenging to speculate on their exact reasons for reducing their position in 3M without further information from Buckley Wealth Management LLC themselves or other available reports,a reduction in holdings may indicate changes in investment strategies or a shift in portfolio diversification.
It is important to note that this analysis is based on data available as of September 18, 2023. Future developments and announcements regarding 3M’s financial performance may impact the investment decisions made by institutional investors like Buckley Wealth Management LLC. Investors and analysts alike should closely monitor any updates related to 3M’s financial results and market position to gain further insights into its investment potential.
Darden Restaurants, Inc.
DRI
Strong Buy
Updated on: 29/09/2023
Financial Health
Very Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Institutional Investors Increase Holdings in 3M as Stock Shows Marginal Upward Movement
In recent times, various prominent investors have made adjustments to their positions in the esteemed conglomerate, 3M. One such investor is Gladstone Institutional Advisory LLC, whose stake in 3M has grown by 5.2% during the first quarter. This increase in shares amounts to a value of $2.8 million after acquiring an additional 1,333 shares in the last quarter.
Another substantial investor, American Century Companies Inc., has also grown its holdings in 3M by approximately 32.9%. They now possess 94,855 shares of the company’s stock, valued at $9.8 million, after adding a remarkable 23,485 shares in the same period.
Mirador Capital Partners LP is another notable investor that successfully acquired a new stake in 3M during the first quarter of this year valued at around $304,000.
Moreover, Louisiana State Employees Retirement System also experienced a slight lift in its holdings with regards to 3M by approximately 0.3% during the first quarter. This increase equates to an additional 100 shares amounting to a total value of $3.76 million.
Mayflower Financial Advisors LLC concluded this trend of growth exhibited by institutional investors owning stakes in 3M as they increased their position by an additional 526 shares during the first quarter of this year. Their current holding now amounts to approximately $3.5 million.
Accumulatively speaking, institutional investors currently own approximately 65.24% of the outstanding stock available for trade.
On Monday’s trading session, MMM stock experienced a marginal upward movement with an increase of $0.47 as it reached a trading value of approximately $101.53. The total number of shares traded amounted to 550,023 compared to its average daily volume of about 3,602,758 shares exchanged on average per day.
It is noteworthy to mention that over a span of 50 days, 3M’s stock displayed a simple moving average of $104.39. Simultaneously, the 200-day simple moving average observed during this period is estimated to be around $102.92.
Furthermore, the company is estimated to have a market capitalization figure of approximately $56.04 billion, signifying its strong presence in the market.
In terms of valuation metrics, 3M showcases a P/E ratio of -35.58, implying that it has a negative earnings per share (EPS). It is important to consider other factors before drawing any conclusions from this ratio as it may not accurately reflect the financial standing of the company. The P/E/G ratio for 3M stands at 1.59 and indicates the expected growth rate compared to its current valuation in terms of price-to-earnings ratio.
Additionally, with a beta value of about 0.96, 3M tends to move less violently compared to the overall market trends.
Over the past year, 3M’s stock has traded between its one-year low of $92.38 and one-year high of $133.91, highlighting fluctuations experienced by investors in relation to this stock.
As for its financial liquidity position, 3M currently exhibits a current ratio of 1.44 and possesses a quick ratio of 0.96.
Moving on to dividends, 3M recently announced its quarterly dividend payments that were made on September 12th. Stockholders who were recorded on August 21st received a dividend amounting to $1.50 per share. This figure represents an annualized dividend yield of approximately 5.91%, as well as paints a picture that portrays commitment towards rewarding shareholders.
A report analysis by various equities research analysts on MMM shares suggests various ratings and target prices based on their evaluations and opinions regarding the company’s performance.
For instance, Morgan Stanley upgraded their rating on 3M from “underweight” to “equal weight,” while simultaneously increasing the target price from $102.00 to $113.00 in their research commentary released on August 31st.
Barclays, in their research note on July 26th, raised the target price of 3M’s stock from $93.00 to $96.00.
Likewise, Citigroup also lifted their target price to $111.00, as indicated in their analysis which was published concurrently with Barclays’ report.
Additionally, StockNews.com initiated coverage on 3M’s stock on August 17th and assigned it a “hold” rating.
Lastly, Mizuho reaffirmed a “neutral” rating for 3M and set a target price of $120.00 in their research evaluation shared on August 29th.
According to Bloomberg.com, the company currently holds an average rating of “Hold” and has an average target price estimated at $113.08 based on these analysts’ reports and evaluations of this particular stock.
As we approach September 18th, 2023, it is crucial for investors and stakeholders alike to closely monitor the developments within the company and its industry as they strive towards making informed investment decisions.
Discussion about this post