3M (NYSE:MMM)‘s stock had its “underweight” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a research note issued on Thursday. They presently have a $221.00 price objective on the conglomerate’s stock, up from their prior price objective of $208.00. JPMorgan Chase & Co.’s target price suggests a potential downside of 10.93% from the stock’s current price.
Several other equities analysts have also recently commented on MMM. Deutsche Bank boosted their price target on shares of 3M from $180.00 to $240.00 and gave the company a “hold” rating in a report on Wednesday, January 10th. Zacks Investment Research cut shares of 3M from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Morgan Stanley boosted their price target on shares of 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a report on Monday, October 2nd. Royal Bank of Canada boosted their price target on shares of 3M from $205.00 to $209.00 and gave the company a “sector perform” rating in a report on Wednesday, October 25th. Finally, Jefferies Group boosted their price target on shares of 3M to $262.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $235.01.
3M (NYSE MMM) traded up $3.37 during midday trading on Thursday, reaching $248.11. 2,519,000 shares of the company’s stock traded hands, compared to its average volume of 2,072,773. 3M has a 12-month low of $173.55 and a 12-month high of $248.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07. The stock has a market cap of $147,260.00, a PE ratio of 27.69, a price-to-earnings-growth ratio of 2.44 and a beta of 1.10.
3M (NYSE:MMM) last posted its quarterly earnings data 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 firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same period in the previous year, the company posted $2.15 EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. equities research analysts expect that 3M will post 9.1 earnings per share for the current fiscal year.
In related news, VP Khandpur K. Ashish sold 4,004 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $231.39, for a total value of $926,485.56. Following the completion of the sale, the vice president now directly owns 5,236 shares in the company, valued at $1,211,558.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon T. Lindekugel sold 400 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $230.06, for a total transaction of $92,024.00. The disclosure for this sale can be found here. Insiders sold 22,804 shares of company stock valued at $5,303,706 over the last quarter. 0.58% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the stock. MPS Loria Financial Planners LLC acquired a new position in 3M during the 2nd quarter worth $124,000. Hoertkorn Richard Charles acquired a new position in 3M during the 3rd quarter worth $126,000. Sawyer & Company Inc acquired a new position in 3M during the 4th quarter worth $138,000. Harfst & Associates Inc. lifted its position in 3M by 17.0% during the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after acquiring an additional 100 shares during the last quarter. Finally, Mascoma Wealth Management LLC lifted its position in 3M by 87.5% during the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after acquiring an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.
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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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