3M’s (MMM) “Hold” Rating Reiterated at Royal Bank Of Canada
3M Company (NYSE:MMM)‘s stock had its “hold” rating restated by equities research analysts at Royal Bank Of Canada in a report released on Friday. They currently have a $209.00 target price on the conglomerate’s stock. Royal Bank Of Canada’s price objective would suggest a potential downside of 2.04% from the stock’s previous close.
Several other equities research analysts have also issued reports on the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $219.00 target price on shares of 3M in a research report on Friday, May 26th. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. Citigroup Inc. reaffirmed a “buy” rating and set a $229.00 target price (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Bank of America Corporation reaffirmed a “buy” rating and set a $225.00 target price (up from $208.00) on shares of 3M in a research report on Tuesday, June 6th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 target price (down from $193.00) on shares of 3M in a research report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $206.85.
3M (NYSE MMM) traded up 0.91% during trading on Friday, hitting $213.35. 3,636,437 shares of the company’s stock traded hands. The company has a market cap of $127.32 billion, a PE ratio of 24.34 and a beta of 1.08. 3M has a 52-week low of $163.85 and a 52-week high of $214.57. The company’s 50 day moving average price is $205.40 and its 200 day moving average price is $200.88.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the prior year, the business earned $2.08 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. Analysts expect that 3M will post $8.94 earnings per share for the current year.
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In other 3M news, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The stock was 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 approximately $633,619.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value 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 a total of 9,112 shares of company stock valued at $1,878,890 in the last ninety days. Insiders own 0.58% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Cable Hill Partners LLC grew its holdings in 3M by 2.4% during the 1st quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock valued at $122,000 after buying an additional 15 shares in the last quarter. Reilly Financial Advisors LLC grew its holdings in 3M by 3.9% during the 1st quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares in the last quarter. Concannon Wealth Management LLC grew its holdings in 3M by 45.6% during the 3rd quarter. Concannon Wealth Management LLC now owns 655 shares of the conglomerate’s stock valued at $116,000 after buying an additional 205 shares in the last quarter. CenturyLink Investment Management Co purchased a new position in 3M during the 2nd quarter valued at about $116,000. Finally, Proficio Capital Partners LLC grew its holdings in 3M by 156.0% during the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares in the last quarter. 66.31% of the stock is owned by institutional investors and hedge funds.
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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