Credit Suisse Group Lowers 3M (NYSE:MMM) Price Target to $210.00


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3M (NYSE:MMM) had its price objective decreased by equities research analysts at Credit Suisse Group from $213.00 to $210.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the conglomerate’s stock. Credit Suisse Group’s price target suggests a potential upside of 5.32% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Citigroup upped their target price on 3M from $185.00 to $188.00 in a report on Wednesday, January 27th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $200.00 price target on the stock in a research note on Wednesday, February 3rd. Bank of America cut 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price target on the stock. in a research note on Thursday, January 7th. Zacks Investment Research raised 3M from a “sell” rating to a “hold” rating and set a $206.00 price target on the stock in a research note on Thursday, April 29th. Finally, Royal Bank of Canada upped their price target on 3M from $198.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. 3M currently has a consensus rating of “Hold” and an average target price of $193.45.

Shares of MMM stock opened at $199.39 on Tuesday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.37 and a current ratio of 1.90. 3M has a fifty-two week low of $131.12 and a fifty-two week high of $203.15. The stock has a 50 day moving average price of $195.03 and a two-hundred day moving average price of $178.49. The company has a market capitalization of $115.58 billion, a P/E ratio of 23.28, a PEG ratio of 1.85 and a beta of 0.92.

3M (NYSE:MMM) last announced its earnings results on Monday, April 26th. The conglomerate reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.48. The company had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.43 billion. 3M had a return on equity of 44.77% and a net margin of 15.65%. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.16 earnings per share. As a group, equities analysts predict that 3M will post 8.56 earnings per share for the current year.

In other news, EVP Kristen M. Ludgate sold 933 shares of the business’s stock in a transaction on Wednesday, April 21st. The stock was sold at an average price of $200.00, for a total value of $186,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Ivan K. Fong sold 12,059 shares of the business’s stock in a transaction on Friday, April 30th. The stock was sold at an average price of $198.46, for a total value of $2,393,229.14. Following the completion of the transaction, the vice president now directly owns 47,872 shares of the company’s stock, valued at $9,500,677.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,042 shares of company stock valued at $2,588,687. 0.42% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brinker Capital Investments LLC purchased a new position in 3M during the 3rd quarter worth $546,000. Woodstock Corp raised its holdings in 3M by 3.8% in the 4th quarter. Woodstock Corp now owns 50,202 shares of the conglomerate’s stock worth $8,775,000 after purchasing an additional 1,819 shares during the period. New England Research & Management Inc. raised its holdings in shares of 3M by 127.1% during the fourth quarter. New England Research & Management Inc. now owns 14,637 shares of the conglomerate’s stock valued at $2,558,000 after acquiring an additional 8,192 shares during the last quarter. Diversified Trust Co raised its holdings in shares of 3M by 12.6% during the fourth quarter. Diversified Trust Co now owns 15,944 shares of the conglomerate’s stock valued at $2,787,000 after acquiring an additional 1,779 shares during the last quarter. Finally, Carlson Capital Management raised its holdings in shares of 3M by 5.1% during the fourth quarter. Carlson Capital Management now owns 97,898 shares of the conglomerate’s stock valued at $16,312,000 after acquiring an additional 4,731 shares during the last quarter. 64.68% of the stock is owned by hedge funds and other institutional investors.

3M Company Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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Analyst Recommendations for 3M (NYSE:MMM)

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