3M Company (MMM) Receives Average Rating of “Hold” from Analysts
3M Company (NYSE:MMM) has been assigned an average recommendation of “Hold” from the sixteen analysts that are presently covering the firm, MarketBeat reports. Four analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $210.56.
A number of research analysts have weighed in on the stock. BidaskClub lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $202.00 price target on shares of 3M in a research note on Wednesday, July 19th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $209.00 price target (down previously from $210.00) on shares of 3M in a research note on Wednesday, July 26th. William Blair reaffirmed an “outperform” rating on shares of 3M in a research note on Wednesday, July 26th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $234.00 price target on shares of 3M in a research note on Wednesday, August 16th.
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3M (NYSE MMM) traded up 0.28% on Wednesday, reaching $218.37. 490,203 shares of the company’s stock traded hands. The firm has a market cap of $130.32 billion, a price-to-earnings ratio of 24.91 and a beta of 1.09. The stock’s 50 day moving average is $210.45 and its 200 day moving average is $204.37. 3M has a 52-week low of $163.85 and a 52-week high of $219.76.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ 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 company had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the previous year, the firm posted $2.08 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts predict that 3M will post $8.96 EPS for the current fiscal year.
In related news, VP Eric D. Hammes sold 1,428 shares of the business’s 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 transaction, 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 available through this link. Also, insider Frank R. Jr. Little sold 2,719 shares of the business’s 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 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 have sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp increased 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 buying an additional 300,345 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in 3M by 3.9% during the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after buying an additional 167,491 shares during the last quarter. Ameriprise Financial Inc. increased its holdings 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. American Century Companies Inc. increased its holdings in 3M by 37.1% during the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in 3M by 3.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock worth $534,998,000 after buying an additional 92,789 shares during the last quarter. Institutional investors and hedge funds own 66.18% of the company’s stock.
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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