3M Company (NYSE:MMM)‘s stock had its “outperform” rating reaffirmed by research analysts at Credit Suisse Group in a research note issued on Wednesday. They presently have a $237.00 target price on the conglomerate’s stock, up from their prior target price of $229.00. Credit Suisse Group’s price objective suggests a potential upside of 8.92% from the company’s previous close.
MMM has been the topic of several other reports. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Bank of America Corporation reiterated a “buy” rating and set a $227.00 price target on shares of 3M in a research report on Thursday, September 14th. Morgan Stanley reiterated an “underweight” rating and set a $191.00 price target (down from $193.00) on shares of 3M in a research report on Monday, July 10th. J P Morgan Chase & Co cut 3M from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $185.00 to $201.00 in a research report on Wednesday, September 20th. Finally, Citigroup Inc. reiterated a “buy” rating and set a $250.00 price target (up from $228.00) on shares of 3M in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $209.77.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter last year, the business posted $2.08 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year.
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In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul A. Keel sold 4,965 shares of the company’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the transaction, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock worth $1,878,890 over the last three months. 0.58% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the business. Eqis Capital Management Inc. lifted its holdings in 3M by 5.3% during the 3rd quarter. Eqis Capital Management Inc. now owns 12,171 shares of the conglomerate’s stock worth $2,555,000 after buying an additional 612 shares in the last quarter. Curbstone Financial Management Corp lifted its holdings in 3M by 90.3% during the 3rd quarter. Curbstone Financial Management Corp now owns 9,386 shares of the conglomerate’s stock worth $1,970,000 after buying an additional 4,453 shares in the last quarter. Park National Corp OH lifted its holdings in 3M by 0.7% during the 3rd quarter. Park National Corp OH now owns 154,399 shares of the conglomerate’s stock worth $32,408,000 after buying an additional 1,125 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new position in 3M during the 2nd quarter worth $124,000. Finally, M Holdings Securities Inc. lifted its holdings in 3M by 35.9% during the 2nd quarter. M Holdings Securities Inc. now owns 5,450 shares of the conglomerate’s stock worth $1,135,000 after buying an additional 1,441 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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