3M (MMM) Receives “Buy” Rating from Argus

3M (NYSE:MMM)‘s stock had its “buy” rating restated by Argus in a report issued on Friday.

A number of other research firms have also issued reports on MMM. ValuEngine lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Citigroup raised their target price on shares of 3M from $250.00 to $262.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Goldman Sachs Group reiterated a “sell” rating on shares of 3M in a research note on Thursday, October 26th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $248.00 target price on the stock in a research note on Wednesday, October 25th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $260.00 target price (up from $238.00) on shares of 3M in a research note on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $231.16.

3M (MMM) opened at $234.78 on Friday. The firm has a market cap of $139,840.00, a price-to-earnings ratio of 26.47, a PEG ratio of 2.57 and a beta of 1.10. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07. 3M has a twelve month low of $173.55 and a twelve month high of $244.23.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. 3M’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.15 EPS. sell-side analysts forecast that 3M will post 9.08 earnings per share for the current fiscal year.

In other news, Chairman Inge G. Thulin sold 6,823 shares of 3M stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.14, for a total transaction of $1,590,714.22. Following the sale, the chairman now directly owns 196,906 shares in the company, valued at approximately $45,906,664.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jon T. Lindekugel sold 400 shares of 3M stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $230.06, for a total transaction of $92,024.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,804 shares of company stock worth $5,303,706. 0.58% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. MPS Loria Financial Planners LLC bought a new position in 3M during the 2nd quarter valued at about $124,000. Hoertkorn Richard Charles bought a new position in 3M during the 3rd quarter valued at about $126,000. Harfst & Associates Inc. lifted its holdings in 3M by 17.0% during the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after purchasing an additional 100 shares during the last quarter. Mascoma Wealth Management LLC lifted its holdings in 3M by 87.5% during the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after purchasing an additional 350 shares during the last quarter. Finally, Princeton Capital Management Inc. bought a new position in 3M during the 2nd quarter valued at about $203,000. 66.19% of the stock is owned by hedge funds and other institutional investors.

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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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