JPMorgan Chase & Co. Reaffirms “Underweight” Rating for 3M (MMM)

3M (NYSE:MMM)‘s stock had its “underweight” rating restated by research analysts at JPMorgan Chase & Co. in a research note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $221.00 price objective on the conglomerate’s stock, up from their prior price objective of $208.00. JPMorgan Chase & Co.’s price target would indicate a potential downside of 10.95% from the company’s previous close.

MMM has been the topic of a number of other reports. Argus reiterated a “buy” rating on shares of 3M in a research note on Friday, December 22nd. Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Credit Suisse Group reiterated 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. Citigroup increased their price objective on shares of 3M from $250.00 to $262.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Finally, ValuEngine cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $235.01.

3M (NYSE MMM) traded up $2.29 during midday trading on Thursday, hitting $248.18. 2,010,000 shares of the stock were exchanged, compared to its average volume of 1,990,000. The company has a current ratio of 2.07, a quick ratio of 1.47 and a debt-to-equity ratio of 0.89. 3M has a 1 year low of $173.55 and a 1 year high of $249.00. The company has a market capitalization of $147,820.00, a P/E ratio of 27.70, a PEG ratio of 2.45 and a beta of 1.10.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, beating the Zacks’ 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 for the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the firm earned $2.15 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. equities research analysts expect that 3M will post 9.1 earnings per share for the current year.

In other 3M news, insider Frank R. Jr. Little sold 1,500 shares of the firm’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $234.47, for a total value of $351,705.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Khandpur K. Ashish sold 4,004 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $231.39, for a total transaction of $926,485.56. Following the completion of the transaction, the vice president now directly owns 5,236 shares of the company’s stock, valued at approximately $1,211,558.04. The disclosure for this sale can be found here. Insiders have sold 22,804 shares of company stock valued at $5,303,706 in the last three months. 0.58% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of MMM. Somerset Trust Co raised its holdings in shares of 3M by 0.6% during the second quarter. Somerset Trust Co now owns 19,596 shares of the conglomerate’s stock worth $4,079,000 after purchasing an additional 118 shares during the last quarter. Eqis Capital Management Inc. grew its position in 3M by 1.6% during the second quarter. Eqis Capital Management Inc. now owns 11,559 shares of the conglomerate’s stock valued at $2,406,000 after buying an additional 184 shares during the period. Beach Investment Management LLC. acquired a new stake in 3M during the second quarter valued at $3,165,000. Coho Partners Ltd. grew its position in 3M by 26.8% during the second quarter. Coho Partners Ltd. now owns 687,532 shares of the conglomerate’s stock valued at $143,137,000 after buying an additional 145,318 shares during the period. Finally, Blume Capital Management Inc. grew its position in 3M by 4.2% during the second quarter. Blume Capital Management Inc. now owns 2,674 shares of the conglomerate’s stock valued at $557,000 after buying an additional 109 shares during the period. 66.23% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for 3M (NYSE:MMM)

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