3M Company (MMM) Rating Lowered to Hold at Zacks Investment Research

3M Company (NYSE:MMM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Driven by broad-based organic growth across all segments and geographies, 3M reported strong third-quarter 2017 results with healthy year-over-year increase in earnings and revenues that beat the respective Zacks Consensus Estimates. 3M's global footprint, diversified product portfolio and the ability to penetrate in different markets have been its forte. The company has raised its guidance for 2017 on healthy growth dynamics. 3M has also outperformed the industry year to date. However, given its international presence, adverse foreign currency translations are likely to affect 3M’s ability to realize projected growth rates in sales and earnings. 3M is also facing increased pension expenses as its workforce begins to retire. In addition, as exports consume a significant part of the company’s operations and growth prospects, sustained strength in U.S. dollar will continue to negatively impact the company’s earnings.”

A number of other equities research analysts have also recently commented on MMM. Argus raised their price objective on shares of 3M from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Credit Suisse Group reaffirmed an “outperform” rating and set a $260.00 price objective (up previously from $238.00) on shares of 3M in a research note on Wednesday, October 25th. Stifel Nicolaus raised their price objective on shares of 3M from $220.00 to $244.00 and gave the stock a “hold” rating in a research note on Wednesday, October 25th. Goldman Sachs Group, Inc. (The) upgraded 3M from a “sell” rating to a “neutral” rating and increased their target price for the company from $194.00 to $229.00 in a research report on Wednesday, October 25th. Finally, Royal Bank Of Canada increased their target price on 3M from $205.00 to $209.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 25th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $230.44.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The business’s revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the company earned $2.15 EPS.

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In other 3M news, VP Eric D. Hammes sold 1,428 shares of the firm’s stock in a transaction 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 transaction, the vice president now owns 3,066 shares in the company, valued at approximately $633,619.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ippocratis Vrohidis sold 1,725 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $230.34, for a total value of $397,336.50. Following the completion of the transaction, the chief accounting officer now owns 898 shares in the company, valued at approximately $206,845.32. The disclosure for this sale can be found here. Insiders sold a total of 27,912 shares of company stock worth $6,256,111 in the last 90 days. 0.58% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. Jackson Grant Investment Advisers Inc. raised its holdings in shares of 3M by 0.6% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 4 shares during the period. Baker Ellis Asset Management LLC raised its holdings in shares of 3M by 0.3% during the 2nd quarter. Baker Ellis Asset Management LLC now owns 5,487 shares of the conglomerate’s stock worth $1,142,000 after acquiring an additional 19 shares during the period. Kopp Investment Advisors LLC raised its holdings in shares of 3M by 0.4% during the 2nd quarter. Kopp Investment Advisors LLC now owns 5,281 shares of the conglomerate’s stock worth $1,099,000 after acquiring an additional 20 shares during the period. Main Street Research LLC raised its holdings in shares of 3M by 1.1% during the 1st quarter. Main Street Research LLC now owns 1,984 shares of the conglomerate’s stock worth $380,000 after acquiring an additional 22 shares during the period. Finally, Osborne Partners Capital Management LLC raised its holdings in shares of 3M by 1.0% during the 2nd quarter. Osborne Partners Capital Management LLC now owns 2,272 shares of the conglomerate’s stock worth $473,000 after acquiring an additional 22 shares during the period. Institutional investors own 66.21% of the company’s stock.

About 3M

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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