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

3M (NYSE:MMM) was upgraded by Vertical Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Marketbeat reports. The brokerage presently has a $140.00 price objective on the conglomerate’s stock, up from their previous price objective of $92.00. Vertical Research’s price target indicates a potential upside of 32.99% from the stock’s current price.

Several other research analysts also recently commented on the stock. Bank of America lowered their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Royal Bank of Canada boosted their price objective on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. Citigroup boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company decreased their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $107.55.

3M Trading Up 0.4 %

Shares of NYSE:MMM opened at $105.27 on Thursday. 3M has a 12-month low of $71.12 and a 12-month high of $105.72. The stock has a market cap of $58.25 billion, a PE ratio of -8.28, a P/E/G ratio of 1.87 and a beta of 1.00. The business has a 50 day moving average of $97.60 and a 200-day moving average of $98.37. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the previous year, the company posted $1.97 earnings per share. As a group, equities research analysts forecast that 3M will post 7.23 earnings per share for the current year.

Hedge Funds Weigh In On 3M

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fragasso Group Inc. lifted its position in 3M by 3.8% in the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after acquiring an additional 93 shares in the last quarter. Bangor Savings Bank lifted its position in 3M by 1.0% in the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after acquiring an additional 104 shares in the last quarter. Platinum Investment Management Ltd. lifted its position in 3M by 11.4% in the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after acquiring an additional 104 shares in the last quarter. Allen Capital Group LLC lifted its position in 3M by 0.5% in the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after acquiring an additional 105 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in shares of 3M by 2.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after buying an additional 105 shares in the last quarter. 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.