3M (NYSE:MMM) had its price objective upped by analysts at Citigroup from $268.00 to $278.00 in a research note issued to investors on Tuesday. The firm presently has a “buy” rating on the conglomerate’s stock. Citigroup’s target price would indicate a potential upside of 12.86% from the stock’s current price.
Several other analysts have also recently issued reports on the stock. Argus reissued a “buy” rating on shares of 3M in a research note on Friday, December 22nd. Bank of America boosted their price objective on shares of 3M from $227.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Credit Suisse Group reissued an “outperform” rating and set a $237.00 price objective (up from $229.00) on shares of 3M in a research note on Wednesday, October 11th. Finally, JPMorgan Chase & Co. cut shares of 3M from a “neutral” rating to an “underweight” rating and boosted their price objective for the company from $185.00 to $201.00 in a research note on Wednesday, September 20th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $233.68.
3M (MMM) traded up $1.85 during mid-day trading on Tuesday, reaching $246.32. 343,443 shares of the company’s stock traded hands, compared to its average volume of 1,985,600. The stock has a market cap of $145,610.00, a PE ratio of 27.49, a P/E/G ratio of 2.43 and a beta of 1.10. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47. 3M has a 12-month low of $173.55 and a 12-month high of $246.00.
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. 3M had a net margin of 17.71% and a return on equity of 48.55%. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. During the same period in the previous year, the company earned $2.15 EPS. 3M’s revenue for the quarter was up 6.0% on a year-over-year basis. equities analysts anticipate that 3M will post 9.1 earnings per share for the current year.
In related news, insider Jon T. Lindekugel sold 400 shares of 3M stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $230.06, for a total transaction of $92,024.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Frank R. Jr. Little sold 1,500 shares of 3M stock in a transaction on Friday, October 27th. The shares were sold at an average price of $234.47, for a total transaction of $351,705.00. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock worth $5,303,706 in the last 90 days. Company insiders own 0.58% of the company’s stock.
Several large investors have recently bought and sold shares of MMM. Capital Research Global Investors acquired a new position in shares of 3M during the 2nd quarter valued at $89,237,000. Coho Partners Ltd. lifted its holdings in shares of 3M by 26.8% during the 2nd quarter. Coho Partners Ltd. now owns 687,532 shares of the conglomerate’s stock valued at $143,137,000 after acquiring an additional 145,318 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in shares of 3M during the 3rd quarter valued at $28,564,000. Capital Wealth Planning LLC lifted its holdings in shares of 3M by 1,854.3% during the 2nd quarter. Capital Wealth Planning LLC now owns 131,427 shares of the conglomerate’s stock valued at $27,362,000 after acquiring an additional 124,702 shares in the last quarter. Finally, UBS Asset Management Americas Inc. lifted its holdings in 3M by 4.9% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,916,848 shares of the conglomerate’s stock worth $399,069,000 after buying an additional 89,307 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.
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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, , 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.