Shares of 3M (NYSE:MMM) have been given an average recommendation of “Hold” by the fifteen brokerages that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $189.93.
A number of brokerages recently issued reports on MMM. UBS Group dropped their price objective on 3M from $183.00 to $172.00 and set a “sell” rating on the stock in a report on Friday, September 17th. Barclays dropped their price objective on 3M from $182.00 to $177.00 and set an “underweight” rating on the stock in a report on Tuesday, January 4th. JPMorgan Chase & Co. dropped their price objective on 3M from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Wednesday, November 3rd. Citigroup decreased their target price on 3M from $194.00 to $191.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 27th. Finally, Mizuho assumed coverage on 3M in a research note on Thursday, December 16th. They issued a “neutral” rating and a $180.00 target price on the stock.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of 3M by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 46,132,978 shares of the conglomerate’s stock valued at $9,163,394,000 after purchasing an additional 283,222 shares during the last quarter. BlackRock Inc. grew its position in 3M by 4.4% during the 3rd quarter. BlackRock Inc. now owns 41,630,784 shares of the conglomerate’s stock worth $7,302,871,000 after acquiring an additional 1,739,749 shares during the last quarter. Geode Capital Management LLC grew its position in 3M by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,652,692 shares of the conglomerate’s stock worth $1,864,451,000 after acquiring an additional 345,528 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in 3M by 8.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,469,452 shares of the conglomerate’s stock worth $1,880,917,000 after acquiring an additional 750,128 shares during the last quarter. Finally, Morgan Stanley grew its position in 3M by 16.4% during the 2nd quarter. Morgan Stanley now owns 5,903,837 shares of the conglomerate’s stock worth $1,172,678,000 after acquiring an additional 832,796 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.
3M (NYSE:MMM) last issued its quarterly earnings data on Monday, October 25th. The conglomerate reported $2.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.24. The business had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. 3M had a return on equity of 42.80% and a net margin of 16.90%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.43 EPS. As a group, equities analysts expect that 3M will post 9.86 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 12th. Stockholders of record on Friday, November 19th were given a dividend of $1.48 per share. The ex-dividend date of this dividend was Thursday, November 18th. This represents a $5.92 annualized dividend and a dividend yield of 3.31%. 3M’s dividend payout ratio (DPR) is presently 58.10%.
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.
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