3M Company (NYSE:MMM) had its price objective boosted by Jefferies Group LLC to $262.00 in a research note published on Wednesday morning. The brokerage currently has a buy rating on the conglomerate’s stock. Jefferies Group also issued estimates for 3M’s FY2017 earnings at $9.10 EPS, FY2018 earnings at $9.50 EPS, FY2019 earnings at $10.50 EPS and FY2020 earnings at $11.05 EPS.
MMM has been the topic of a number of other reports. Zacks Investment Research lowered 3M from a hold rating to a sell rating in a research report on Tuesday, October 3rd. Bank of America Corporation reaffirmed a buy rating and set a $227.00 target price on shares of 3M in a research report on Thursday, September 14th. Credit Suisse Group reaffirmed an outperform rating and set a $237.00 target price (up from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Morgan Stanley reaffirmed an underweight rating and set a $191.00 target price (down from $193.00) on shares of 3M in a research report on Monday, July 10th. Finally, Citigroup Inc. reaffirmed a buy rating and set a $250.00 target price (up from $228.00) on shares of 3M in a research report on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $230.44.
3M (MMM) traded up 0.77% on Wednesday, hitting $234.74. The stock had a trading volume of 2,000,365 shares. 3M has a one year low of $163.85 and a one year high of $238.90. The company’s 50-day moving average is $216.33 and its 200-day moving average is $206.69. The stock has a market cap of $140.09 billion, a P/E ratio of 26.78 and a beta of 1.09.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same period in the previous year, the company earned $2.15 earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, analysts anticipate that 3M will post $9.08 earnings per share for the current fiscal year.
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In other 3M news, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction that occurred on 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 transaction, the insider now 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 90 days, insiders sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. MPS Loria Financial Planners LLC acquired a new position in 3M in the second quarter valued at approximately $124,000. Hoertkorn Richard Charles acquired a new position in 3M in the third quarter valued at approximately $126,000. Proficio Capital Partners LLC boosted its stake in 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 acquiring an additional 404 shares during the period. Harfst & Associates Inc. boosted its stake in 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 acquiring an additional 100 shares during the period. Finally, Jackson Grant Investment Advisers Inc. boosted its stake in 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 4 shares during the period. Institutional investors own 66.19% 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, , 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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