3M Co. (MMM) Downgraded to Sell at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. downgraded shares of 3M Co. (NYSE:MMM) from a neutral rating to a sell rating in a research report released on Monday morning. Goldman Sachs Group Inc. currently has $159.00 target price on the stock, down from their previous target price of $172.96.
A number of other equities analysts also recently weighed in on MMM. Zacks Investment Research downgraded 3M from a hold rating to a sell rating in a research note on Friday, October 28th. Jefferies Group restated a buy rating on shares of 3M in a research note on Thursday, August 4th. Credit Suisse Group AG restated an outperform rating and issued a $186.00 target price (up previously from $178.00) on shares of 3M in a research note on Thursday, July 28th. RBC Capital Markets restated an underperform rating and issued a $155.00 target price (down previously from $159.00) on shares of 3M in a research note on Wednesday, October 26th. Finally, Deutsche Bank AG restated a hold rating and issued a $164.00 target price on shares of 3M in a research note on Thursday, August 25th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $170.80.
3M (NYSE:MMM) traded up 0.06% during trading on Monday, reaching $171.63. The company’s stock had a trading volume of 375,628 shares. The company has a market cap of $103.23 billion, a price-to-earnings ratio of 21.64 and a beta of 1.04. 3M has a 12 month low of $134.64 and a 12 month high of $182.27. The stock’s 50 day moving average is $170.10 and its 200 day moving average is $173.75.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 25th. The company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.01. 3M had a return on equity of 42.27% and a net margin of 16.40%. The firm had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.72 billion. During the same quarter in the previous year, the business earned $2.05 EPS. The company’s revenue was up .0% compared to the same quarter last year. On average, equities analysts expect that 3M will post $8.17 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Friday, November 18th will be given a $1.11 dividend. The ex-dividend date is Wednesday, November 16th. This represents a $4.44 annualized dividend and a yield of 2.59%. 3M’s dividend payout ratio (DPR) is presently 55.92%.
In related news, insider Julie L. Bushman sold 10,771 shares of the company’s stock in a transaction on Friday, November 4th. The shares were sold at an average price of $166.71, for a total value of $1,795,633.41. Following the completion of the transaction, the insider now directly owns 34,093 shares in the company, valued at $5,683,644.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Eric D. Hammes sold 504 shares of the company’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $173.69, for a total transaction of $87,539.76. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of MMM. Vanguard Group Inc. raised its stake in 3M by 2.0% in the second quarter. Vanguard Group Inc. now owns 42,183,048 shares of the company’s stock valued at $7,387,096,000 after buying an additional 822,712 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in 3M by 3.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,477,856 shares of the company’s stock valued at $2,885,602,000 after buying an additional 527,158 shares during the last quarter. FMR LLC raised its stake in 3M by 5.1% in the second quarter. FMR LLC now owns 8,774,300 shares of the company’s stock valued at $1,536,555,000 after buying an additional 425,320 shares during the last quarter. BlackRock Fund Advisors raised its stake in 3M by 3.3% in the third quarter. BlackRock Fund Advisors now owns 8,265,834 shares of the company’s stock valued at $1,456,688,000 after buying an additional 261,278 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in 3M by 0.3% in the third quarter. Wells Fargo & Company MN now owns 7,148,070 shares of the company’s stock valued at $1,259,705,000 after buying an additional 23,986 shares during the last quarter. Institutional investors and hedge funds own 65.53% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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