Stifel Nicolaus Raises 3M Company (MMM) Price Target to $244.00
3M Company (NYSE:MMM) had its target price raised by equities research analysts at Stifel Nicolaus from $220.00 to $244.00 in a research note issued on Wednesday, MarketBeat reports. The firm presently has a “hold” rating on the conglomerate’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 3.98% from the company’s current price.
A number of other analysts have also weighed in on the company. Royal Bank Of Canada restated a “hold” rating and set a $209.00 target price on shares of 3M in a report on Friday, September 15th. Jefferies Group LLC restated a “buy” rating and set a $234.00 target price on shares of 3M in a report on Wednesday, August 16th. J P Morgan Chase & Co lowered 3M from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $185.00 to $201.00 in a report on Wednesday, September 20th. Morgan Stanley upped their target price on 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a report on Monday, October 2nd. Finally, BidaskClub lowered 3M from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $223.71.
3M (NYSE MMM) opened at 234.65 on Wednesday. The stock has a 50 day moving average price of $213.61 and a 200-day moving average price of $205.95. The stock has a market cap of $140.03 billion, a PE ratio of 26.77 and a beta of 1.09. 3M has a 1-year low of $163.85 and a 1-year high of $238.90.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.12. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the prior year, the firm earned $2.15 earnings per share. 3M’s revenue was up 6.0% compared to the same quarter last year. On average, equities analysts expect that 3M will post $8.96 EPS for the current year.
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In other news, insider Frank R. Jr. Little sold 2,719 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the sale, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now owns 3,066 shares in the company, valued at $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 over the last 90 days. Insiders own 0.58% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Ameriprise Financial Inc. boosted its holdings in 3M by 0.3% in the 1st 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. Smithfield Trust Co. boosted its holdings in 3M by 0.7% in the 1st 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. C.V. Starr & Co. Inc. Trust boosted its holdings in 3M by 20.0% in the 1st quarter. C.V. Starr & Co. Inc. Trust now owns 60,000 shares of the conglomerate’s stock worth $11,480,000 after buying an additional 10,000 shares during the last quarter. Twin Capital Management Inc. acquired a new stake in 3M in the 2nd quarter worth about $6,178,000. Finally, Gotham Asset Management LLC boosted its holdings in 3M by 3.6% in the 1st quarter. Gotham Asset Management LLC now owns 99,873 shares of the conglomerate’s stock worth $19,109,000 after buying an additional 3,427 shares during the last quarter. Hedge funds and other institutional investors 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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