3M (NYSE:MMM) had its target price increased by analysts at JPMorgan Chase & Co. from $140.00 to $143.00 in a research report issued on Thursday, AnalystRatings.com reports. The firm currently has an “underweight” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 9.55% from the company’s previous close.
Several other equities analysts also recently commented on the company. Royal Bank of Canada set a $179.00 price objective on 3M and gave the company a “hold” rating in a research note on Friday, July 26th. UBS Group dropped their price objective on 3M from $201.00 to $182.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Bank of America dropped their price objective on 3M from $193.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Credit Suisse Group upped their price objective on 3M from $180.00 to $194.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Finally, Morgan Stanley dropped their price objective on 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. 3M has a consensus rating of “Hold” and an average target price of $182.15.
Shares of NYSE MMM opened at $158.10 on Thursday. 3M has a twelve month low of $150.58 and a twelve month high of $219.75. The stock’s 50 day moving average price is $161.74 and its 200-day moving average price is $175.63. The company has a market capitalization of $90.95 billion, a PE ratio of 15.11, a PEG ratio of 1.71 and a beta of 1.11. The company has a quick ratio of 1.34, a current ratio of 1.93 and a debt-to-equity ratio of 1.53.
3M (NYSE:MMM) last announced its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the previous year, the business earned $2.59 EPS. The company’s revenue was down 2.6% compared to the same quarter last year. As a group, research analysts expect that 3M will post 9.32 EPS for the current fiscal year.
In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the sale, the insider now owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.83% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. boosted its position in 3M by 1.4% during the first quarter. Daiwa Securities Group Inc. now owns 47,202 shares of the conglomerate’s stock valued at $9,807,000 after buying an additional 660 shares during the period. Farmers & Merchants Investments Inc. boosted its stake in shares of 3M by 0.4% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 36,037 shares of the conglomerate’s stock worth $7,488,000 after acquiring an additional 141 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of 3M by 3.1% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 235,969 shares of the conglomerate’s stock worth $49,030,000 after acquiring an additional 7,014 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of 3M by 23.1% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 218,150 shares of the conglomerate’s stock worth $45,327,000 after acquiring an additional 40,999 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in shares of 3M by 27.4% during the 1st quarter. Quadrant Capital Group LLC now owns 8,536 shares of the conglomerate’s stock worth $1,752,000 after acquiring an additional 1,834 shares during the last quarter. 66.77% of the stock is currently owned by hedge funds and other institutional investors.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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