3M (NYSE:MMM)‘s stock had its “buy” rating restated by equities research analysts at Argus in a research note issued to investors on Friday, December 22nd.
MMM has been the topic of several other reports. ValuEngine cut 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Citigroup reaffirmed a “buy” rating and set a $250.00 price objective (up from $228.00) on shares of 3M in a research report on Monday, October 9th. Royal Bank of Canada increased their price objective on 3M from $205.00 to $209.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 25th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $237.00 price objective (up from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $232.15.
Shares of 3M (NYSE:MMM) traded up $2.16 during trading hours on Friday, hitting $244.47. The stock had a trading volume of 1,974,254 shares, compared to its average volume of 2,020,000. 3M has a 1 year low of $173.55 and a 1 year high of $246.00. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47. The company has a market capitalization of $145,610.00, a P/E ratio of 27.28, a PEG ratio of 2.41 and a beta of 1.10.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating the 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 firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the company earned $2.15 earnings per share. The company’s revenue was up 6.0% on a year-over-year basis. analysts expect that 3M will post 9.1 EPS for the current year.
In other 3M news, CFO Nicholas C. Gangestad sold 4,004 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $233.84, for a total value of $936,295.36. Following the transaction, the chief financial officer now directly owns 25,805 shares of the company’s stock, valued at $6,034,241.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon T. Lindekugel sold 400 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $230.06, for a total value of $92,024.00. The disclosure for this sale can be found here. Insiders sold 22,804 shares of company stock worth $5,303,706 over the last three months. Insiders own 0.58% of the company’s stock.
Several hedge funds have recently bought and sold shares of MMM. Capital Research Global Investors purchased a new position in shares of 3M during the 2nd quarter valued at about $89,237,000. State of Tennessee Treasury Department lifted its position in shares of 3M by 92.6% during the 1st quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock valued at $87,828,000 after buying an additional 220,741 shares in the last quarter. Coho Partners Ltd. lifted its position in shares of 3M by 26.8% during the 2nd quarter. Coho Partners Ltd. now owns 687,532 shares of the conglomerate’s stock valued at $143,137,000 after buying an additional 145,318 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of 3M during the 3rd quarter valued at about $28,564,000. Finally, Capital Wealth Planning LLC lifted its position in shares of 3M by 1,854.3% during the 2nd quarter. Capital Wealth Planning LLC now owns 131,427 shares of the conglomerate’s stock valued at $27,362,000 after buying an additional 124,702 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.
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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