3M Company (NYSE:MMM) Cut to Hold at BidaskClub

BidaskClub cut shares of 3M Company (NYSE:MMM) from a buy rating to a hold rating in a research note published on Monday, July 24th.

Several other research analysts have also recently commented on the stock. Stifel Nicolaus restated a hold rating and issued a $202.00 target price on shares of 3M in a research report on Wednesday, July 19th. Morgan Stanley restated an underweight rating and issued a $191.00 target price (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Zacks Investment Research upgraded shares of 3M from a hold rating to a buy rating and set a $237.00 target price for the company in a research report on Monday, June 19th. Bank of America Corporation restated a buy rating and issued a $225.00 target price (up previously from $208.00) on shares of 3M in a research report on Tuesday, June 6th. Finally, Citigroup Inc. restated a buy rating and issued a $229.00 target price (up previously from $220.00) on shares of 3M in a research report on Saturday, June 3rd. 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 presently has a consensus rating of Hold and an average price target of $203.40.

Shares of 3M (MMM) traded down 0.89% during trading on Monday, hitting $203.53. The company’s stock had a trading volume of 1,838,640 shares. The firm’s 50 day moving average price is $207.30 and its 200-day moving average price is $197.49. The company has a market cap of $121.46 billion, a PE ratio of 23.22 and a beta of 1.08. 3M has a 52 week low of $163.85 and a 52 week high of $214.57.

3M (NYSE:MMM) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the consensus estimate of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The firm had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter last year, the company posted $2.08 EPS. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, analysts predict that 3M will post $8.94 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be paid a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a yield of 2.31%. The ex-dividend date is Wednesday, August 23rd. 3M’s dividend payout ratio is presently 53.59%.

In related news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the sale, the vice president now directly owns 3,066 shares of the company’s stock, valued at $633,619.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the sale, the insider now directly owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,112 shares of company stock valued at $1,878,890. Company insiders own 0.58% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Cable Hill Partners LLC increased its stake in shares of 3M by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock valued at $122,000 after buying an additional 15 shares during the period. Reilly Financial Advisors LLC increased its stake in shares of 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares during the period. Jackson Grant Investment Advisers Inc. increased its stake in shares of 3M by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 714 shares of the conglomerate’s stock valued at $128,000 after buying an additional 4 shares during the period. Proficio Capital Partners LLC increased its stake in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares during the period. Finally, Harfst & Associates Inc. increased its stake in shares of 3M by 17.0% in the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 65.71% of the company’s stock.

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, 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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