3M (NYSE:MMM) Lifted to Strong-Buy at StockNews.com

3M (NYSE:MMM) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Thursday.

A number of other research firms have also commented on MMM. Wells Fargo & Company reduced their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. Citigroup lifted their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Bank of America reduced their target price on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Finally, Royal Bank of Canada cut their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $104.00.

3M Stock Down 1.1 %

MMM stock opened at $92.02 on Thursday. 3M has a twelve month low of $71.12 and a twelve month high of $95.67. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The firm has a market cap of $50.92 billion, a PE ratio of -7.29, a price-to-earnings-growth ratio of 1.83 and a beta of 1.02. The business has a 50 day moving average of $95.72 and a 200 day moving average of $97.39.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The company had revenue of $8.01 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the company earned $2.28 EPS. On average, research analysts forecast that 3M will post 7.87 EPS for the current fiscal year.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On 3M

Several large investors have recently made changes to their positions in the business. Verity & Verity LLC purchased a new position in shares of 3M in the first quarter valued at about $49,000. Premier Path Wealth Partners LLC lifted its position in shares of 3M by 19.5% in the first quarter. Premier Path Wealth Partners LLC now owns 15,392 shares of the conglomerate’s stock valued at $1,628,000 after acquiring an additional 2,514 shares in the last quarter. Zullo Investment Group Inc. lifted its position in shares of 3M by 11.7% in the first quarter. Zullo Investment Group Inc. now owns 4,596 shares of the conglomerate’s stock valued at $488,000 after acquiring an additional 483 shares in the last quarter. Dakota Wealth Management lifted its position in shares of 3M by 57.3% in the first quarter. Dakota Wealth Management now owns 26,807 shares of the conglomerate’s stock valued at $2,843,000 after acquiring an additional 9,768 shares in the last quarter. Finally, Simplicity Wealth LLC lifted its position in shares of 3M by 470.7% in the first quarter. Simplicity Wealth LLC now owns 25,449 shares of the conglomerate’s stock valued at $2,699,000 after acquiring an additional 20,990 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

About 3M

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.