BidaskClub downgraded shares of 3M Company (NYSE:MMM) from a buy rating to a hold rating in a research report sent to investors on Monday, July 24th.
Other equities analysts also recently issued research reports about the stock. Citigroup Inc. reiterated a buy rating and issued a $229.00 price target (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. Jefferies Group LLC restated a buy rating and set a $234.00 target price on shares of 3M in a report on Thursday, June 1st. Zacks Investment Research raised shares of 3M from a hold rating to a buy rating and set a $223.00 price target on the stock in a research note on Friday, May 26th. Barclays PLC reissued a buy rating on shares of 3M in a research report on Thursday, April 27th. Finally, Credit Suisse Group reiterated a buy rating on shares of 3M in a research note on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $203.40.
3M (NYSE:MMM) opened at 205.98 on Monday. The stock has a market cap of $122.92 billion, a PE ratio of 23.49 and a beta of 1.08. 3M has a 12-month low of $163.85 and a 12-month high of $214.57. The firm has a 50 day moving average of $207.94 and a 200-day moving average of $196.43.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. The firm had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.08 EPS. On average, analysts expect that 3M will post $8.94 earnings per share for the current year.
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In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total value of $2,877,598.08. Following the completion of the transaction, the vice president now directly owns 24,480 shares in the company, valued at $4,770,662.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.58% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. American Century Companies Inc. raised its position in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after buying an additional 852,262 shares in the last quarter. Karp Capital Management Corp boosted its position in 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock valued at $94,947,000 after buying an additional 493,230 shares in the last quarter. Swiss National Bank boosted its position in 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after buying an additional 447,900 shares in the last quarter. Bank of New York Mellon Corp boosted its position in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after buying an additional 300,345 shares in the last quarter. Finally, State of Tennessee Treasury Department boosted its position in 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock valued at $87,828,000 after buying an additional 220,741 shares in the last quarter. Hedge funds and other institutional investors own 65.80% of the company’s stock.
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, electronics, 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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