ValuEngine Downgrades 3M (MMM) to Hold
3M (NYSE:MMM) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Friday.
Several other equities analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Bank of America reiterated a “buy” rating and issued a $227.00 price objective on shares of 3M in a research report on Thursday, September 14th. Credit Suisse Group reiterated an “outperform” rating and issued a $237.00 price objective (up from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Citigroup upped their target price on shares of 3M from $250.00 to $262.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, Goldman Sachs Group upgraded shares of 3M from a “sell” rating to a “neutral” rating and upped their target price for the company from $194.00 to $229.00 in a report on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $231.16.
Shares of 3M (MMM) opened at $241.15 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07. 3M has a 12-month low of $171.09 and a 12-month high of $243.63. The firm has a market cap of $143,630.86, a PE ratio of 26.94, a price-to-earnings-growth ratio of 2.61 and a beta of 1.10.
In related news, insider Frank R. Jr. Little sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $234.47, for a total value of $351,705.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jon T. Lindekugel sold 400 shares of 3M stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $230.06, for a total value of $92,024.00. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock valued at $5,303,706 over the last 90 days. Corporate insiders own 0.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Affinity Investment Advisors LLC bought a new stake in 3M in the first quarter valued at about $351,000. Intrust Bank NA grew its stake in 3M by 4.6% in the first quarter. Intrust Bank NA now owns 1,748 shares of the conglomerate’s stock valued at $334,000 after acquiring an additional 77 shares during the period. Main Street Research LLC grew its stake in 3M by 1.1% in the first quarter. Main Street Research LLC now owns 1,984 shares of the conglomerate’s stock valued at $380,000 after acquiring an additional 22 shares during the period. Lincoln National Corp grew its stake in 3M by 18.4% in the first quarter. Lincoln National Corp now owns 4,944 shares of the conglomerate’s stock valued at $946,000 after acquiring an additional 767 shares during the period. Finally, Thomaspartners Inc. grew its stake in 3M by 7.7% in the first quarter. Thomaspartners Inc. now owns 997,295 shares of the conglomerate’s stock valued at $190,812,000 after acquiring an additional 71,291 shares during the period. 66.57% of the stock is currently owned by institutional investors.
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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, , 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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