3M Company (MMM) Stock Rating Reaffirmed by Bank of America Corporation
3M Company (NYSE:MMM)‘s stock had its “buy” rating reaffirmed by equities researchers at Bank of America Corporation in a note issued to investors on Thursday. They currently have a $227.00 price target on the conglomerate’s stock. Bank of America Corporation’s price objective indicates a potential upside of 7.24% from the stock’s current price.
Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 price target for the company in a research note on Monday, June 19th. Citigroup Inc. reaffirmed a “buy” rating and set a $229.00 price target (up previously from $220.00) on shares of 3M in a research note on Saturday, June 3rd. Jefferies Group LLC reaffirmed a “buy” rating and set a $234.00 price target on shares of 3M in a research note on Thursday, June 1st. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $202.00 price target on shares of 3M in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $206.85.
3M (NYSE MMM) traded up 1.05% during mid-day trading on Thursday, reaching $211.68. 1,984,226 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $204.38 and a 200-day moving average of $200.55. The firm has a market cap of $126.32 billion, a price-to-earnings ratio of 24.15 and a beta of 1.08. 3M has a 12 month low of $163.85 and a 12 month high of $214.57.
3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The business had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. 3M’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.08 EPS. Analysts anticipate that 3M will post $8.94 earnings per share for the current year.
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In related news, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the transaction, the vice president now owns 3,066 shares of the company’s stock, valued at $633,619.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now directly owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. Insiders have sold 9,112 shares of company stock valued at $1,878,890 in the last three months. 0.58% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Loeb Partners Corp raised its stake in 3M by 138.9% during the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock worth $1,646,000 after buying an additional 5,000 shares during the last quarter. Ameriprise Financial Inc. raised its stake in 3M by 0.3% during the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after buying an additional 8,239 shares during the last quarter. TRUE Private Wealth Advisors raised its stake in 3M by 16.6% during the first quarter. TRUE Private Wealth Advisors now owns 2,575 shares of the conglomerate’s stock worth $489,000 after buying an additional 367 shares during the last quarter. Personal Capital Advisors Corp raised its stake in 3M by 10.4% during the first quarter. Personal Capital Advisors Corp now owns 157,237 shares of the conglomerate’s stock worth $29,982,000 after buying an additional 14,830 shares during the last quarter. Finally, Smithfield Trust Co. raised its stake in 3M by 0.7% during the first quarter. Smithfield Trust Co. now owns 17,364 shares of the conglomerate’s stock worth $3,322,000 after buying an additional 122 shares during the last quarter. 66.31% of the stock is owned by institutional investors and hedge funds.
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, 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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