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.
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.
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.
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