3M’s (MMM) Hold (C+) Rating Reiterated at Weiss Ratings

3M (NYSE:MMM)‘s stock had its “hold (c+)” rating reiterated by investment analysts at Weiss Ratings in a report released on Tuesday,Weiss Ratings reports.

A number of other equities analysts have also issued reports on the stock. Royal Bank Of Canada raised their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of 3M in a report on Friday, July 18th. Finally, Barclays set a $170.00 target price on shares of 3M in a report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $158.10.

3M Stock Performance

MMM opened at $146.82 on Tuesday. 3M has a 12-month low of $119.31 and a 12-month high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The firm has a market capitalization of $78.20 billion, a PE ratio of 20.42, a P/E/G ratio of 2.94 and a beta of 1.02. The firm has a 50 day moving average of $149.86 and a two-hundred day moving average of $146.50.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The company had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same period last year, the firm posted $1.93 EPS. 3M’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, analysts anticipate that 3M will post 7.8 EPS for the current year.

Insiders Place Their Bets

In other news, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president owned 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president directly owned 6,127 shares of the company’s stock, valued at $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 3M

A number of hedge funds have recently modified their holdings of the company. Adams Diversified Equity Fund Inc. purchased a new stake in shares of 3M in the second quarter valued at about $21,009,000. Cullen Frost Bankers Inc. grew its holdings in shares of 3M by 5.2% in the second quarter. Cullen Frost Bankers Inc. now owns 23,768 shares of the conglomerate’s stock valued at $3,618,000 after purchasing an additional 1,173 shares during the period. Hoese & Co LLP grew its holdings in shares of 3M by 19.9% in the second quarter. Hoese & Co LLP now owns 1,319 shares of the conglomerate’s stock valued at $201,000 after purchasing an additional 219 shares during the period. Private Trust Co. NA grew its holdings in shares of 3M by 2.9% in the second quarter. Private Trust Co. NA now owns 9,136 shares of the conglomerate’s stock valued at $1,391,000 after purchasing an additional 254 shares during the period. Finally, Bridges Investment Management Inc. grew its holdings in shares of 3M by 30.2% in the second quarter. Bridges Investment Management Inc. now owns 2,222 shares of the conglomerate’s stock valued at $338,000 after purchasing an additional 515 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.