3M Company (NYSE:MMM) had its price target increased by stock analysts at Argus from $220.00 to $260.00 in a research note issued on Wednesday, October 25th. The brokerage currently has a “buy” rating on the conglomerate’s stock. Argus’ target price indicates a potential upside of 14.31% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other research analysts also recently weighed in on MMM. BidaskClub downgraded shares of 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Morgan Stanley restated an “underweight” rating and set a $191.00 price objective (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Stifel Nicolaus restated a “hold” rating and set a $202.00 price objective on shares of 3M in a research report on Wednesday, July 19th. William Blair restated an “outperform” rating on shares of 3M in a research report on Wednesday, July 26th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $209.00 target price (down from $210.00) on shares of 3M in a report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $231.16.
3M (MMM) opened at $227.45 on Wednesday. The stock has a market cap of $135,471.08, a P/E ratio of 25.41, a PEG ratio of 2.46 and a beta of 1.08. 3M has a 52 week low of $170.72 and a 52 week high of $238.90. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.21 by $0.12. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.15 earnings per share. research analysts forecast that 3M will post 9.08 EPS for the current year.
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In other 3M news, Chairman Inge G. Thulin sold 6,823 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $233.14, for a total transaction of $1,590,714.22. Following the completion of the transaction, the chairman now owns 196,906 shares in the company, valued at $45,906,664.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,951 shares of company stock valued at $6,159,012. 0.58% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. lifted its holdings in shares of 3M by 0.3% in the 1st quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after acquiring an additional 8,239 shares during the last quarter. Smithfield Trust Co. lifted its holdings in shares of 3M by 0.7% in the 1st quarter. Smithfield Trust Co. now owns 17,364 shares of the conglomerate’s stock worth $3,322,000 after acquiring an additional 122 shares during the last quarter. C.V. Starr & Co. Inc. Trust lifted its holdings in shares of 3M by 20.0% in the 1st quarter. C.V. Starr & Co. Inc. Trust now owns 60,000 shares of the conglomerate’s stock worth $11,480,000 after acquiring an additional 10,000 shares during the last quarter. Twin Capital Management Inc. bought a new stake in shares of 3M in the 2nd quarter worth about $6,178,000. Finally, Gotham Asset Management LLC lifted its holdings in shares of 3M by 3.6% in the 1st quarter. Gotham Asset Management LLC now owns 99,873 shares of the conglomerate’s stock worth $19,109,000 after acquiring an additional 3,427 shares during the last quarter. Institutional investors and hedge funds own 66.26% of the company’s stock.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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