3M Company (MMM) Price Target Raised to $209.00
3M Company (NYSE:MMM) had its price target lifted by Royal Bank Of Canada from $205.00 to $209.00 in a report issued on Wednesday. The brokerage currently has a “sector perform” rating on the conglomerate’s stock. Royal Bank Of Canada’s target price would indicate a potential downside of 10.93% from the stock’s previous close.
Other analysts have also recently issued reports about the stock. BidaskClub cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Goldman Sachs Group, Inc. (The) raised shares of 3M from a “sell” rating to a “hold” rating and set a $229.00 target price for the company in a research note on Wednesday. Stifel Nicolaus reaffirmed a “hold” rating and issued a $244.00 target price (up from $220.00) on shares of 3M in a research note on Wednesday. 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 target price on shares of 3M in a research note on Wednesday, August 16th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. 3M presently has a consensus rating of “Hold” and an average price target of $218.77.
3M (MMM) opened at 234.65 on Wednesday. The company has a 50-day moving average price of $213.61 and a 200-day moving average price of $205.95. The firm has a market capitalization of $140.03 billion, a PE ratio of 26.77 and a beta of 1.09. 3M has a 12-month low of $163.85 and a 12-month high of $238.90.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.21 by $0.12. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. 3M’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.15 EPS. On average, analysts predict that 3M will post $8.96 earnings per share for the current year.
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In related news, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction on Thursday, August 17th. The shares were 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 approximately $1,856,330.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the vice president now owns 3,066 shares in the company, valued at approximately $633,619.56. The disclosure for this sale can be found here. Insiders have sold a total of 9,112 shares of company stock worth $1,878,890 in the last 90 days. Company insiders own 0.58% of the company’s stock.
Large investors have recently bought and sold shares of the stock. MPS Loria Financial Planners LLC acquired a new position in shares of 3M during the 2nd quarter valued at $124,000. Proficio Capital Partners LLC lifted its holdings in shares of 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 acquiring an additional 404 shares in the last quarter. Jackson Grant Investment Advisers Inc. lifted its holdings in shares of 3M by 0.6% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 4 shares in the last quarter. Harfst & Associates Inc. lifted its holdings in shares of 3M by 17.0% during the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after acquiring an additional 100 shares in the last quarter. Finally, One Capital Management LLC acquired a new position in shares of 3M during the 1st quarter valued at $202,000. Institutional investors and hedge funds own 66.19% 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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