Weiss Ratings restated their hold (c+) rating on shares of 3M (NYSE:MMM – Free Report) in a research report sent to investors on Wednesday morning,Weiss Ratings reports.
A number of other equities research analysts also recently commented on MMM. Bank of America lifted their target price on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price objective on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Barclays boosted their price objective on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Citigroup boosted their price objective on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, May 30th. Finally, Royal Bank of Canada boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $153.46.
Read Our Latest Stock Analysis on 3M
3M Stock Up 1.5%
3M (NYSE:MMM – Get Free Report) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. On average, analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.
3M Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.98%. 3M’s payout ratio is currently 36.87%.
Insiders Place Their Bets
In related news, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.
Institutional Trading of 3M
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in 3M in the 4th quarter worth about $636,767,000. Nuveen LLC bought a new position in 3M in the 1st quarter worth about $235,020,000. Invesco Ltd. grew its stake in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after acquiring an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new position in 3M in the 4th quarter worth about $175,110,000. Finally, Capital World Investors grew its stake in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after acquiring an additional 1,248,093 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.
3M Company Profile
3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.
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