Jefferies Group Reiterates Buy Rating for 3M Co. (MMM)
3M Co. (NYSE:MMM)‘s stock had its “buy” rating reissued by research analysts at Jefferies Group in a research note issued to investors on Monday. They presently have a $210.00 price target on the stock, up from their prior price target of $200.00. Jefferies Group’s target price would suggest a potential upside of 21.55% from the stock’s previous close.
Several other equities analysts have also commented on the stock. Goldman Sachs Group Inc. lowered shares of 3M from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $172.96 to $159.00 in a research report on Monday, November 21st. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, November 15th. RBC Capital Markets reaffirmed an “underperform” rating and set a $155.00 price target (down previously from $159.00) on shares of 3M in a research report on Wednesday, October 26th. Royal Bank Of Canada dropped their price target on shares of 3M from $159.00 to $155.00 and set an “underperform” rating for the company in a research report on Wednesday, October 26th. Finally, Barclays PLC raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $171.00 to $194.00 in a research report on Monday, October 24th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $170.80.
Shares of 3M (NYSE:MMM) opened at 172.77 on Monday. The stock has a 50 day moving average of $170.01 and a 200-day moving average of $173.91. 3M has a one year low of $134.64 and a one year high of $182.27. The firm has a market capitalization of $103.92 billion, a price-to-earnings ratio of 21.78 and a beta of 1.04.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $2.15 EPS for the quarter, topping the consensus estimate of $2.14 by $0.01. 3M had a net margin of 16.40% and a return on equity of 42.27%. The firm earned $7.70 billion during the quarter, compared to analyst estimates of $7.72 billion. During the same quarter in the prior year, the business posted $2.05 earnings per share. 3M’s revenue for the quarter was up .0% compared to the same quarter last year. On average, equities analysts anticipate that 3M will post $8.17 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 12th. Shareholders of record on Friday, November 18th will be paid a dividend of $1.11 per share. The ex-dividend date is Wednesday, November 16th. This represents a $4.44 dividend on an annualized basis and a yield of 2.57%. 3M’s dividend payout ratio (DPR) is 55.92%.
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In other 3M news, VP Eric D. Hammes sold 504 shares of the stock in a transaction on Monday, November 14th. The shares were sold at an average price of $173.69, for a total transaction of $87,539.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Julie L. Bushman sold 10,424 shares of the stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $173.02, for a total transaction of $1,803,560.48. Following the transaction, the insider now owns 32,717 shares in the company, valued at $5,660,695.34. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MMM. Emerald Acquisition Ltd. bought a new position in 3M during the second quarter worth approximately $179,251,000. Vanguard Group Inc. boosted its stake in shares of 3M by 2.0% in the second quarter. Vanguard Group Inc. now owns 42,183,048 shares of the company’s stock worth $7,387,096,000 after buying an additional 822,712 shares during the period. Bank of Montreal Can acquired a new stake in shares of 3M during the second quarter worth $135,349,000. Ameriprise Financial Inc. boosted its stake in shares of 3M by 69.6% in the third quarter. Ameriprise Financial Inc. now owns 1,789,729 shares of the company’s stock worth $315,408,000 after buying an additional 734,451 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of 3M during the third quarter worth $108,752,000. Hedge funds and other institutional investors own 63.36% of the company’s stock.
3M Company Profile
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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