3M (NYSE:MMM)‘s stock had its “underweight” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a research note issued to investors on Thursday, January 18th, MarketBeat.com reports. They currently have a $221.00 price target on the conglomerate’s stock, up from their previous price target of $208.00. JPMorgan Chase & Co.’s target price would indicate a potential downside of 3.15% from the stock’s previous close.
Other equities research analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Stifel Nicolaus upped their target price on shares of 3M from $220.00 to $244.00 and gave the company a “hold” rating in a research note on Wednesday, October 25th. Morgan Stanley upped their target price on shares of 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a research note on Monday, October 2nd. Goldman Sachs Group restated a “sell” rating on shares of 3M in a research note on Thursday, October 26th. Finally, Citigroup increased their price objective on shares of 3M from $268.00 to $278.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. Three analysts have rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $249.93.
Shares of 3M (MMM) traded up $2.97 during midday trading on Thursday, hitting $228.18. 790,055 shares of the company’s stock traded hands, compared to its average volume of 2,736,252. The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $135,400.00, a P/E ratio of 28.67, a PEG ratio of 2.09 and a beta of 1.08. 3M has a 12 month low of $179.26 and a 12 month high of $259.77.
3M (NYSE:MMM) last posted its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The business had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. During the same quarter in the previous year, the business posted $1.88 earnings per share. The company’s revenue was up 9.0% on a year-over-year basis. equities research analysts expect that 3M will post 10.6 earnings per share for the current fiscal year.
In other news, VP Ippocratis Vrohidis sold 225 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $249.68, for a total transaction of $56,178.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Nicholas C. Gangestad sold 1,681 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $249.76, for a total transaction of $419,846.56. Following the completion of the transaction, the chief financial officer now owns 23,562 shares of the company’s stock, valued at $5,884,845.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,673 shares of company stock valued at $12,420,577. Insiders own 0.58% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Advisor Partners LLC raised its position in 3M by 4.6% during the third quarter. Advisor Partners LLC now owns 17,127 shares of the conglomerate’s stock valued at $3,595,000 after acquiring an additional 747 shares in the last quarter. Griffin Asset Management Inc. raised its position in shares of 3M by 51.7% in the third quarter. Griffin Asset Management Inc. now owns 27,576 shares of the conglomerate’s stock valued at $5,788,000 after purchasing an additional 9,394 shares during the period. Aperio Group LLC raised its position in shares of 3M by 6.8% in the third quarter. Aperio Group LLC now owns 559,122 shares of the conglomerate’s stock valued at $117,360,000 after purchasing an additional 35,815 shares during the period. Leith Wheeler Investment Counsel Ltd. bought a new position in shares of 3M in the fourth quarter valued at approximately $254,000. Finally, Mizuho Securities USA LLC raised its position in shares of 3M by 20.9% in the fourth quarter. Mizuho Securities USA LLC now owns 18,506 shares of the conglomerate’s stock valued at $4,356,000 after purchasing an additional 3,199 shares during the period. 66.09% of the stock is owned by institutional investors and hedge funds.
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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