3M (NYSE:MMM) Raised to “Buy” at Melius

Melius upgraded shares of 3M (NYSE:MMM) from a hold rating to a buy rating in a research report report published on Tuesday morning, Marketbeat reports.

Other analysts have also issued research reports about the stock. Wells Fargo & Company lifted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Barclays increased their price target on shares of 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Citigroup upped their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Finally, Mizuho boosted their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $135.67.

3M Price Performance

Shares of NYSE MMM opened at $126.44 on Tuesday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a 1-year low of $72.47 and a 1-year high of $141.34. The company has a market capitalization of $69.97 billion, a price-to-earnings ratio of -9.94, a PEG ratio of 2.49 and a beta of 0.95. The business has a 50-day moving average of $133.07 and a 200-day moving average of $113.57.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the company earned $2.68 earnings per share. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, equities analysts anticipate that 3M will post 7.24 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.21%. 3M’s payout ratio is -22.01%.

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Yeomans Consulting Group Inc. purchased a new stake in shares of 3M during the third quarter valued at $498,000. Asahi Life Asset Management CO. LTD. increased its position in shares of 3M by 6.9% in the third quarter. Asahi Life Asset Management CO. LTD. now owns 9,343 shares of the conglomerate’s stock worth $1,277,000 after acquiring an additional 603 shares in the last quarter. Inscription Capital LLC raised its holdings in shares of 3M by 41.8% during the third quarter. Inscription Capital LLC now owns 3,329 shares of the conglomerate’s stock valued at $455,000 after acquiring an additional 981 shares during the period. Montz Harcus Wealth Management LLC purchased a new stake in shares of 3M in the 3rd quarter valued at approximately $215,000. Finally, Frank Rimerman Advisors LLC boosted its stake in 3M by 36.8% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,181 shares of the conglomerate’s stock worth $708,000 after purchasing an additional 1,394 shares during the period. Institutional investors and hedge funds 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.