Royal Bank Of Canada Reaffirms “Hold” Rating for 3M Company (MMM)
3M Company (NYSE:MMM)‘s stock had its “hold” rating reiterated by research analysts at Royal Bank Of Canada in a note issued to investors on Friday. They currently have a $205.00 target price on the conglomerate’s stock. Royal Bank Of Canada’s price objective would suggest a potential downside of 5.79% from the company’s current price.
Several other research analysts have also weighed in on MMM. BidaskClub lowered 3M from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Morgan Stanley reaffirmed an “underweight” rating and issued a $191.00 target price (down from $193.00) on shares of 3M in a research report on Monday, July 10th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $202.00 target price on shares of 3M in a research report on Wednesday, July 19th. William Blair reaffirmed an “outperform” rating on shares of 3M in a research report on Wednesday, July 26th. Finally, Citigroup Inc. dropped their target price on 3M from $230.00 to $228.00 and set a “buy” rating on the stock in a research report on Wednesday, July 26th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $209.77.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period in the previous year, the company earned $2.08 earnings per share. The business’s revenue for the quarter was up 1.9% on a year-over-year basis.
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In other news, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the business’s 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 completion of the sale, the insider now owns 9,010 shares in the company, valued at $1,856,330.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,112 shares of company stock worth $1,878,890. Corporate insiders own 0.58% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of 3M by 2.0% in the second quarter. Vanguard Group Inc. now owns 42,183,048 shares of the conglomerate’s stock valued at $7,387,096,000 after purchasing an additional 822,712 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its holdings in 3M by 3.3% during 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 acquiring an additional 527,158 shares in the last quarter. BlackRock Fund Advisors raised its holdings in 3M by 3.3% during the third quarter. BlackRock Fund Advisors now owns 8,265,834 shares of the conglomerate’s stock worth $1,456,688,000 after acquiring an additional 261,278 shares in the last quarter. Wells Fargo & Company MN raised its holdings in 3M by 0.3% during the third quarter. Wells Fargo & Company MN now owns 7,148,070 shares of the conglomerate’s stock worth $1,259,705,000 after acquiring an additional 23,986 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in 3M by 4.6% during 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 acquiring an additional 300,345 shares in the last quarter. Institutional investors own 66.20% 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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