3M (MMM) Receives New Coverage from Analysts at Barclays

Barclays assumed coverage on shares of 3M (NYSE:MMM) in a report released on Thursday. The firm issued an underweight rating and a $235.00 price objective on the conglomerate’s stock.

MMM has been the topic of a number of other research reports. Argus restated a buy rating on shares of 3M in a research report on Friday, December 22nd. Citigroup boosted their price objective on 3M from $250.00 to $262.00 and gave the stock a buy rating in a research report on Wednesday, October 25th. Royal Bank of Canada restated a hold rating and set a $254.00 price objective on shares of 3M in a research report on Thursday, January 25th. ValuEngine lowered 3M from a buy rating to a hold rating in a research report on Friday, December 1st. Finally, Goldman Sachs Group upgraded 3M from a sell rating to a neutral rating and upped their price target for the company from $194.00 to $229.00 in a research report on Wednesday, October 25th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. 3M currently has an average rating of Hold and a consensus target price of $254.25.

Shares of 3M (NYSE MMM) traded up $1.35 during mid-day trading on Thursday, reaching $236.22. The company had a trading volume of 1,026,856 shares, compared to its average volume of 2,718,948. The company has a market cap of $140,900.00, a price-to-earnings ratio of 26.44, a P/E/G ratio of 2.15 and a beta of 1.08. 3M has a twelve month low of $182.04 and a twelve month high of $259.77. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.86 and a quick ratio of 1.33.

3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.07. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. 3M had a return on equity of 48.34% and a net margin of 15.35%. 3M’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 EPS. sell-side analysts anticipate that 3M will post 10.6 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $0.01. 3M’s payout ratio is 52.51%.

In related news, CFO Nicholas C. Gangestad sold 1,681 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $249.76, for a total transaction of $419,846.56. Following the sale, the chief financial officer now owns 23,562 shares in the company, valued at approximately $5,884,845.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Inge G. Thulin sold 35,236 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.14, for a total value of $8,849,169.04. Following the sale, the chairman now owns 253,873 shares in the company, valued at approximately $63,757,665.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,673 shares of company stock worth $12,420,577. 0.58% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in MMM. Lenox Wealth Advisors Inc. raised its stake in 3M by 16,300.0% during the 4th quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock worth $116,000 after buying an additional 489 shares during the period. Horan Capital Management acquired a new position in 3M during the 4th quarter worth approximately $123,000. Hoertkorn Richard Charles acquired a new position in 3M during the 3rd quarter worth approximately $126,000. Virtue Capital Management LLC acquired a new position in 3M during the 4th quarter worth approximately $127,000. Finally, Sawyer & Company Inc acquired a new position in 3M during the 4th quarter worth approximately $138,000. Institutional investors own 66.09% of the company’s stock.

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About 3M

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.

Analyst Recommendations for 3M (NYSE:MMM)

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