3M Company (NYSE:MMM) Receives Hold Rating from Stifel Nicolaus
3M Company (NYSE:MMM)‘s stock had its “hold” rating restated by stock analysts at Stifel Nicolaus in a research note issued to investors on Wednesday. They presently have a $202.00 target price on the conglomerate’s stock. Stifel Nicolaus’ price target would indicate a potential downside of 4.41% from the company’s previous close.
Other analysts have also issued research reports about the company. Morgan Stanley lifted their price objective on 3M from $178.00 to $193.00 and gave the stock an “underweight” rating in a report on Friday, June 9th. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $237.00 price objective on the stock in a report on Monday, June 19th. Bank of America Corporation reissued a “buy” rating and set a $225.00 price objective (up previously from $208.00) on shares of 3M in a report on Tuesday, June 6th. Citigroup Inc. reissued a “buy” rating and set a $229.00 price objective (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. Finally, Jefferies Group LLC reissued a “buy” rating and set a $234.00 price objective on shares of 3M in a report on Thursday, June 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $201.55.
Shares of 3M (NYSE:MMM) traded up 0.14% during trading on Wednesday, reaching $211.60. The company had a trading volume of 199,456 shares. 3M has a 12 month low of $163.85 and a 12 month high of $214.57. The stock has a 50 day moving average price of $209.34 and a 200 day moving average price of $193.30. The firm has a market capitalization of $126.38 billion, a PE ratio of 25.59 and a beta of 1.09.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 25th. The conglomerate reported $2.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.09. 3M had a return on equity of 44.95% and a net margin of 16.78%. The company had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.48 billion. During the same quarter last year, the firm earned $1.95 EPS. 3M’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts forecast that 3M will post $8.98 EPS for the current year.
In other 3M news, 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 value of $2,877,598.08. Following the transaction, the vice president now owns 24,480 shares of the company’s stock, valued at $4,770,662.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kimberly F. Price sold 3,016 shares of the business’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $198.11, for a total value of $597,499.76. Following the completion of the transaction, the insider now directly owns 9,292 shares in the company, valued at approximately $1,840,838.12. The disclosure for this sale can be found here. In the last three months, insiders sold 33,698 shares of company stock worth $6,593,443. Insiders own 0.58% of the company’s stock.
Several large investors have recently added to or reduced their stakes in MMM. Vanguard Group Inc. increased its stake in 3M by 2.0% in the second quarter. Vanguard Group Inc. now owns 42,183,048 shares of the conglomerate’s stock worth $7,387,096,000 after buying an additional 822,712 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in 3M by 3.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,477,856 shares of the conglomerate’s stock worth $2,885,602,000 after buying an additional 527,158 shares during the last quarter. BlackRock Fund Advisors increased its stake in 3M by 3.3% in the third quarter. BlackRock Fund Advisors now owns 8,265,834 shares of the conglomerate’s stock worth $1,456,688,000 after buying an additional 261,278 shares during the last quarter. Wells Fargo & Company MN increased its stake in 3M by 0.3% in the third quarter. Wells Fargo & Company MN now owns 7,148,070 shares of the conglomerate’s stock worth $1,259,705,000 after buying an additional 23,986 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the last quarter. Institutional investors own 65.74% of the company’s stock.
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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