Credit Suisse Group reaffirmed their outperform rating on shares of 3M Company (NYSE:MMM) in a report released on Wednesday, October 25th. They currently have a $260.00 target price on the conglomerate’s stock, up from their previous target price of $238.00.
Several other equities analysts have also recently issued reports on the stock. Jefferies Group LLC reiterated a buy rating and issued a $234.00 target price on shares of 3M in a research note on Wednesday, August 16th. Stifel Nicolaus reiterated a hold rating and issued a $210.00 target price on shares of 3M in a research note on Friday, July 28th. Morgan Stanley boosted their target price on shares of 3M from $190.00 to $201.00 and gave the company an underweight rating in a research note on Monday, October 2nd. Royal Bank of Canada reissued a sector perform rating and issued a $209.00 price target (down previously from $210.00) on shares of 3M in a report on Wednesday, July 26th. Finally, William Blair reissued an outperform rating on shares of 3M in a report on Wednesday, July 26th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. 3M presently has an average rating of Hold and a consensus target price of $231.16.
Shares of 3M (NYSE:MMM) opened at $227.45 on Wednesday. The firm has a market cap of $135,471.03, a P/E ratio of 25.41, a price-to-earnings-growth ratio of 2.46 and a beta of 1.08. 3M has a 12-month low of $170.72 and a 12-month high of $238.90. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the firm earned $2.15 EPS. 3M’s revenue was up 6.0% compared to the same quarter last year. equities analysts expect that 3M will post 9.08 earnings per share for the current year.
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In other news, VP Khandpur K. Ashish sold 4,004 shares of 3M stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $231.39, for a total transaction of $926,485.56. Following the completion of the transaction, the vice president now owns 5,236 shares of the company’s stock, valued at approximately $1,211,558.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The disclosure for this sale can be found here. Insiders have sold a total of 26,951 shares of company stock valued at $6,159,012 in the last ninety days. Corporate insiders own 0.58% of the company’s stock.
Several large investors have recently modified their holdings of MMM. Zeke Capital Advisors LLC lifted its position in 3M by 99.8% during the 3rd quarter. Zeke Capital Advisors LLC now owns 21,082 shares of the conglomerate’s stock worth $4,425,000 after acquiring an additional 10,528 shares in the last quarter. Schroder Investment Management Group lifted its position in 3M by 14.9% during the 3rd quarter. Schroder Investment Management Group now owns 636,466 shares of the conglomerate’s stock worth $133,371,000 after acquiring an additional 82,632 shares in the last quarter. Van Hulzen Asset Management LLC acquired a new position in 3M during the 3rd quarter worth approximately $335,000. OLD Dominion Capital Management Inc. acquired a new position in 3M during the 3rd quarter worth approximately $841,000. Finally, Johnson Financial Group LLC raised its position in shares of 3M by 13.8% in the 3rd quarter. Johnson Financial Group LLC now owns 2,100 shares of the conglomerate’s stock valued at $440,000 after purchasing an additional 255 shares in the last quarter. Institutional investors and hedge funds own 66.32% 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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