3M (NYSE:MMM) Raised to Buy at Vertical Research

Vertical Research upgraded shares of 3M (NYSE:MMMFree Report) from a hold rating to a buy rating in a report issued on Thursday, Marketbeat reports. The firm currently has $140.00 price target on the conglomerate’s stock, up from their previous price target of $92.00.

A number of other equities analysts have also recently commented on the stock. Bank of America cut their target price on shares of 3M from $110.00 to $100.00 and set a neutral rating on the stock in a report on Tuesday, April 2nd. Royal Bank of Canada increased their target price on shares of 3M from $78.00 to $87.00 and gave the stock an underperform rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. raised 3M from a neutral rating to an overweight rating and increased their price target for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. UBS Group upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a neutral rating in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company lowered their target price 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has an average rating of Hold and an average target price of $107.55.

Read Our Latest Stock Report on MMM

3M Price Performance

Shares of NYSE:MMM opened at $105.26 on Thursday. The company’s 50 day moving average is $97.60 and its two-hundred day moving average is $98.43. 3M has a 52 week low of $71.12 and a 52 week high of $105.72. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27.

3M (NYSE:MMMGet Free Report) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the previous year, the business earned $1.97 earnings per share. On average, analysts expect that 3M will post 7.23 earnings per share for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Thursday, May 23rd. 3M’s dividend payout ratio is currently -47.48%.

Hedge Funds Weigh In On 3M

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Tributary Capital Management LLC purchased a new stake in 3M during the 1st quarter worth $25,000. Financial Synergies Wealth Advisors Inc. increased its position in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of 3M in the first quarter worth about $32,000. Livelsberger Financial Advisory acquired a new position in shares of 3M in the fourth quarter worth about $35,000. Finally, CGC Financial Services LLC raised its holdings in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Company Profile

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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.

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Analyst Recommendations for 3M (NYSE:MMM)

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