Credit Suisse Group restated their outperform rating on shares of 3M Company (NYSE:MMM) in a research report report published on Wednesday, October 25th. They currently have a $260.00 price objective on the conglomerate’s stock, up from their prior price objective of $238.00.
A number of other brokerages have also recently commented on MMM. Goldman Sachs Group, Inc. (The) upgraded 3M from a sell rating to a neutral rating and upped their price target for the stock from $194.00 to $229.00 in a research report on Wednesday, October 25th. Stifel Nicolaus upped their price objective on 3M from $220.00 to $244.00 and gave the stock a hold rating in a research note on Wednesday, October 25th. Royal Bank Of Canada upped their price objective on 3M from $205.00 to $209.00 and gave the stock a sector perform rating in a research note on Wednesday, October 25th. Argus upped their price objective on 3M from $220.00 to $260.00 and gave the stock a buy rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Finally, Citigroup Inc. reissued a buy rating and set a $250.00 price target (up from $228.00) on shares of 3M in a research note on Monday, October 9th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. 3M currently has a consensus rating of Hold and an average price target of $231.16.
3M (NYSE:MMM) opened at $227.45 on Wednesday. The stock has a market capitalization of $135,471.08, a price-to-earnings ratio of 25.41, a PEG ratio of 2.46 and a beta of 1.08. The company has a current ratio of 2.07, a quick ratio of 1.47 and a debt-to-equity ratio of 0.89. 3M has a 1-year low of $170.72 and a 1-year high of $238.90.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a return on equity of 48.55% and a net margin of 17.71%. 3M’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 business earned $2.15 earnings per share. analysts predict that 3M will post 9.08 EPS for the current year.
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In related news, insider Frank R. Jr. Little sold 1,500 shares of 3M stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $234.47, for a total value of $351,705.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the transaction, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,951 shares of company stock valued at $6,159,012. 0.58% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in MMM. Jackson Grant Investment Advisers Inc. increased its stake in 3M by 0.6% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after buying an additional 4 shares in the last quarter. Brookstone Capital Management boosted its holdings in shares of 3M by 0.8% during the 1st quarter. Brookstone Capital Management now owns 1,710 shares of the conglomerate’s stock worth $327,000 after purchasing an additional 14 shares during the last quarter. Baker Ellis Asset Management LLC boosted its holdings in shares of 3M by 0.3% during the 2nd quarter. Baker Ellis Asset Management LLC now owns 5,487 shares of the conglomerate’s stock worth $1,142,000 after purchasing an additional 19 shares during the last quarter. Kopp Investment Advisors LLC boosted its holdings in shares of 3M by 0.4% during the 2nd quarter. Kopp Investment Advisors LLC now owns 5,281 shares of the conglomerate’s stock worth $1,099,000 after purchasing an additional 20 shares during the last quarter. Finally, Main Street Research LLC boosted its holdings in shares of 3M by 1.1% during the 1st quarter. Main Street Research LLC now owns 1,984 shares of the conglomerate’s stock worth $380,000 after purchasing an additional 22 shares during the last quarter. Hedge funds and other institutional investors 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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