3M Company (MMM) Receives Consensus Rating of “Hold” from Brokerages
Shares of 3M Company (NYSE:MMM) have received an average rating of “Hold” from the sixteen analysts that are covering the firm, Marketbeat reports. Three analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $205.02.
Several research analysts recently issued reports on the company. Royal Bank Of Canada reissued a “hold” rating and issued a $209.00 price objective on shares of 3M in a research note on Friday, September 15th. Jefferies Group LLC reissued a “buy” rating and issued a $234.00 price objective on shares of 3M in a research note on Wednesday, August 16th. J P Morgan Chase & Co cut 3M from a “neutral” rating to an “underweight” rating and increased their price objective for the stock from $185.00 to $201.00 in a research note on Wednesday. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $223.00 price objective on the stock in a research note on Friday, May 26th. Finally, BidaskClub cut 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th.
In other 3M news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the sale, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold a total of 9,112 shares of company stock worth $1,878,890 in the last ninety days. Insiders own 0.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in MMM. MPS Loria Financial Planners LLC acquired a new stake in shares of 3M in the 2nd quarter worth $124,000. Proficio Capital Partners LLC boosted its position in shares of 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after purchasing an additional 404 shares in the last quarter. Harfst & Associates Inc. boosted its position in shares of 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after purchasing an additional 100 shares in the last quarter. Jackson Grant Investment Advisers Inc. boosted its position in shares of 3M by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 4 shares in the last quarter. Finally, Ironwood Investment Management LLC acquired a new stake in shares of 3M in the 2nd quarter worth $203,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.
3M (NYSE:MMM) traded up 0.15% during midday trading on Friday, hitting $210.76. The company had a trading volume of 1,493,283 shares. 3M has a 52 week low of $163.85 and a 52 week high of $214.65. The company has a market capitalization of $125.77 billion, a P/E ratio of 24.04 and a beta of 1.08. The stock has a 50 day moving average price of $206.16 and a 200 day moving average price of $201.42.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the consensus estimate of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The business had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the previous year, the company posted $2.08 earnings per share. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. Equities analysts forecast that 3M will post $8.95 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were given a dividend of $1.175 per share. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 annualized dividend and a yield of 2.23%. 3M’s dividend payout ratio (DPR) is presently 53.59%.
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, electronics, 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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