3M (NYSE:MMM) Given Average Rating of “Hold” by Brokerages

Shares of 3M (NYSE:MMM) have earned a consensus rating of “Hold” from the ten brokerages that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $104.00.

A number of research firms recently commented on MMM. Bank of America cut their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. decreased their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday. Royal Bank of Canada decreased 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. StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Finally, Barclays reduced their price objective on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated 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 approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Institutional investors and hedge funds have recently bought and sold shares of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of 3M by 15.4% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock valued at $10,391,000 after purchasing an additional 14,775 shares during the period. Cornerstone Wealth Group LLC bought a new stake in shares of 3M in the third quarter worth $3,855,000. Shoker Investment Counsel Inc. grew its holdings in shares of 3M by 49.7% in the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after acquiring an additional 5,561 shares during the period. Diversified Trust Co grew its holdings in 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after purchasing an additional 263 shares during the period. Finally, MWA Asset Management bought a new stake in 3M during the fourth quarter valued at about $1,723,000. 65.25% of the stock is currently owned by institutional investors.

3M Stock Up 0.6 %

Shares of NYSE MMM opened at $91.48 on Friday. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The stock has a market capitalization of $50.62 billion, a P/E ratio of -7.24, a PEG ratio of 1.61 and a beta of 1.02. The stock’s fifty day moving average is $95.77 and its 200 day moving average is $97.22.

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

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors 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 dividend payout ratio is -47.82%.

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.