3M Company (MMM) Stock Rating Upgraded by Zacks Investment Research
3M Company (NYSE:MMM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm presently has a $237.00 target price on the conglomerate’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.14% from the stock’s current price.
According to Zacks, “3M is restructuring its portfolio to revive its growth momentum. 3M is standardizing its business processes through a new, global ERP system and expects $500–$700 million in annual operational savings by 2020. The company has raised its earlier guidance for 2017 on strong quarterly results and improved business outlook. 3M's global footprint, diversified product portfolio and the ability to penetrate in different markets have been its forte. With core business focus, 3M outperformed the industry year to date. Portfolio management, investment in innovation and business transformation are the three key levers on which the company intends to focus moving forward. 3M also intends to continue investing in capital expenditures and R&D to support organic growth as it aims a prudent capital structure strategy and increased capital deployment. However, increased pension expenses remain a significant headwind for the company.”
Several other analysts have also recently commented on MMM. Jefferies Group LLC raised their price target on shares of 3M Company from $210.00 to $219.00 and gave the stock a “buy” rating in a report on Wednesday, April 19th. Credit Suisse Group restated a “buy” rating on shares of 3M Company in a report on Thursday, April 27th. Stifel Nicolaus raised their price target on shares of 3M Company from $190.00 to $202.00 and gave the stock a “hold” rating in a report on Wednesday, April 26th. Royal Bank Of Canada restated a “hold” rating and set a $187.00 price target on shares of 3M Company in a report on Sunday, March 12th. Finally, Vetr upgraded shares of 3M Company from a “sell” rating to a “hold” rating and set a $183.19 price target for the company in a report on Friday, April 14th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. 3M Company currently has a consensus rating of “Hold” and a consensus price target of $201.10.
Shares of 3M Company (NYSE:MMM) traded up 0.26% during mid-day trading on Monday, hitting $213.79. 178,856 shares of the company’s stock traded hands. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.00. The stock has a 50 day moving average price of $201.26 and a 200-day moving average price of $187.83. The stock has a market cap of $127.68 billion, a P/E ratio of 25.85 and a beta of 1.10.
3M Company (NYSE:MMM) last released its earnings results on Tuesday, April 25th. The conglomerate reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.09. The business had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.48 billion. 3M Company had a net margin of 16.78% and a return on equity of 44.95%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the firm posted $1.95 earnings per share. Equities research analysts anticipate that 3M Company will post $8.95 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were paid a $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Wednesday, May 17th. 3M Company’s dividend payout ratio (DPR) is presently 56.83%.
In other news, insider James L. Bauman sold 14,616 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $195.81, for a total value of $2,861,958.96. Following the completion of the sale, the insider now directly owns 16,458 shares in the company, valued at $3,222,640.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Marlene Mary Mcgrath sold 14,766 shares of the business’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the sale, the vice president now owns 24,480 shares of the company’s stock, valued at $4,770,662.40. The disclosure for this sale can be found here. Insiders sold 33,698 shares of company stock valued at $6,593,443 over the last quarter. Corporate insiders own 0.58% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Harfst & Associates Inc. bought a new position in shares of 3M Company during the first quarter worth about $112,000. Cable Hill Partners LLC raised its position in shares of 3M Company by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock worth $122,000 after buying an additional 15 shares during the period. Reilly Financial Advisors LLC raised its position in shares of 3M Company by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock worth $123,000 after buying an additional 24 shares during the period. Cascade Investment Advisors Inc. bought a new position in shares of 3M Company during the fourth quarter worth about $127,000. Finally, Jackson Grant Investment Advisers Inc. raised its position in shares of 3M Company by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 714 shares of the conglomerate’s stock worth $128,000 after buying an additional 4 shares during the period. 65.74% of the stock is currently owned by institutional investors and hedge funds.
About 3M Company
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, electronics, 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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