3M Company (NYSE:MMM)‘s stock had its “buy” rating restated by research analysts at Citigroup Inc. in a research note issued on Monday. They presently have a $250.00 target price on the conglomerate’s stock, up from their prior target price of $228.00. Citigroup Inc.’s price objective indicates a potential upside of 15.34% from the company’s current price.
MMM has been the subject of a number of other research reports. Royal Bank Of Canada restated a “hold” rating and set a $209.00 target price on shares of 3M in a research note on Friday, September 15th. Jefferies Group LLC restated a “buy” rating and set a $234.00 target price on shares of 3M in a research note on Wednesday, August 16th. J P Morgan Chase & Co cut shares of 3M from a “neutral” rating to an “underweight” rating and raised their target price for the stock from $185.00 to $201.00 in a research note on Wednesday, September 20th. Morgan Stanley raised their target price on shares of 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a research note on Monday, October 2nd. Finally, BidaskClub cut shares of 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. 3M currently has an average rating of “Hold” and a consensus price target of $207.65.
3M (MMM) opened at 216.75 on Monday. The firm’s 50-day moving average is $209.02 and its 200-day moving average is $203.79. The firm has a market cap of $129.35 billion, a price-to-earnings ratio of 24.72 and a beta of 1.09. 3M has a 52-week low of $163.85 and a 52-week high of $217.61.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). The company had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.08 EPS. Analysts forecast that 3M will post $8.96 EPS for the current fiscal year.
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In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the sale, the insider now owns 9,010 shares in the company, valued at approximately $1,856,330.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The stock was 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 owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock valued at $1,878,890 in the last quarter. Corporate insiders own 0.58% of the company’s stock.
A number of institutional investors have recently modified their holdings of MMM. American Century Companies Inc. increased its holdings in 3M by 37.1% in the 1st 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 during the period. Karp Capital Management Corp increased its holdings in 3M by 16,353.8% in the 1st 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 during the period. Swiss National Bank increased its holdings in 3M by 26.6% in the 1st 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 during the period. Capital Research Global Investors bought a new position in 3M in the 2nd quarter valued at about $89,237,000. Finally, Bank of New York Mellon Corp increased its holdings in 3M by 4.6% in the 1st 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 during the period. Institutional investors and hedge funds own 66.20% 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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