3M (NYSE:MMM) Upgraded by StockNews.com to Strong-Buy

StockNews.com upgraded shares of 3M (NYSE:MMM) from a buy rating to a strong-buy rating in a research report report published on Tuesday.

Other equities analysts have also recently issued research reports about the stock. Mizuho reissued a neutral rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. Wells Fargo & Company lowered their price target on shares of 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada lowered their price target on shares of 3M from $84.00 to $78.00 and set an underperform rating on the stock in a report on Tuesday, April 2nd. Citigroup lifted their price target on shares of 3M from $95.31 to $98.00 and gave the stock a neutral rating in a report on Monday, April 8th. Finally, Barclays lowered their price target on shares of 3M from $126.00 to $107.00 and set an overweight rating on the stock in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $104.00.

3M Price Performance

Shares of MMM opened at $91.48 on Tuesday. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The stock has a 50-day moving average of $95.77 and a 200-day moving average of $97.22. 3M has a one year low of $71.12 and a one year high of $95.67.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating the consensus estimate of $2.31 by $0.11. The company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the business posted $2.28 EPS. On average, sell-side analysts anticipate that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 6.60%. 3M’s payout ratio is presently -47.82%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

A number of hedge funds and other institutional investors have recently bought and sold shares of MMM. Markel Corp grew its position in shares of 3M by 6.5% during the 1st quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock valued at $40,161,000 after purchasing an additional 16,550 shares in the last quarter. Axiom Financial Strategies LLC grew its position in shares of 3M by 5.3% during the 1st quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock valued at $942,000 after purchasing an additional 326 shares in the last quarter. Dakota Wealth Management purchased a new position in shares of 3M during the 1st quarter valued at $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of 3M by 17.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock valued at $972,000 after purchasing an additional 977 shares in the last quarter. Finally, Covestor Ltd grew its position in shares of 3M by 73.0% during the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock valued at $190,000 after purchasing an additional 538 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.