Credit Suisse Group began coverage on shares of 3M (NYSE:MMM) in a research note issued to investors on Friday, Marketbeat.com reports. The firm issued an outperform rating and a $228.00 target price on the conglomerate’s stock.
A number of other brokerages also recently issued reports on MMM. Zacks Investment Research raised 3M from a sell rating to a hold rating in a report on Tuesday, September 11th. UBS Group boosted their price target on 3M from $215.00 to $220.00 and gave the company a neutral rating in a report on Thursday, August 30th. Deutsche Bank boosted their price target on 3M from $210.00 to $220.00 and gave the company a hold rating in a report on Friday, September 28th. Morgan Stanley assumed coverage on 3M in a report on Monday, August 20th. They issued an equal weight rating and a $212.00 price target for the company. Finally, Barclays decreased their price target on 3M from $210.00 to $201.00 and set an underweight rating for the company in a report on Wednesday, July 25th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. 3M currently has a consensus rating of Hold and an average target price of $233.79.
NYSE MMM traded up $1.50 during trading hours on Friday, reaching $198.23. The stock had a trading volume of 2,765,881 shares, compared to its average volume of 2,568,672. The firm has a market cap of $123.61 billion, a P/E ratio of 21.62, a P/E/G ratio of 2.02 and a beta of 1.15. 3M has a 52-week low of $190.57 and a 52-week high of $259.77. The company has a quick ratio of 1.08, a current ratio of 1.56 and a debt-to-equity ratio of 1.08.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.58 by $0.01. 3M had a return on equity of 51.31% and a net margin of 13.44%. The company had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.36 billion. During the same period in the previous year, the company posted $2.58 earnings per share. 3M’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, research analysts expect that 3M will post 10.28 earnings per share for the current year.
In other news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
Several hedge funds have recently made changes to their positions in MMM. Parnassus Investments CA acquired a new position in shares of 3M during the 2nd quarter worth approximately $706,178,000. Fundsmith Equity Fund L.P. acquired a new position in 3M in the 2nd quarter valued at $668,488,000. Charles Schwab Investment Advisory Inc. acquired a new position in 3M in the 2nd quarter valued at $213,286,000. Cornerstone Wealth Management LLC raised its stake in 3M by 21,835.8% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 831,148 shares of the conglomerate’s stock valued at $4,251,000 after purchasing an additional 827,359 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in 3M by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after purchasing an additional 537,325 shares during the last quarter. 66.98% of the stock is owned by institutional investors and hedge funds.
3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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