3M (NYSE:MMM) Rating Increased to Strong-Buy at StockNews.com

3M (NYSE:MMM) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Tuesday.

Several other equities research analysts have also issued reports on the company. Royal Bank of Canada dropped their price target on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research note on Tuesday, April 2nd. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Bank of America dropped their price target on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. Barclays dropped their price target on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. Finally, Citigroup lifted their price target on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, 3M currently has an average rating of “Hold” and an average price target of $103.50.

3M Price Performance

NYSE:MMM traded down $0.25 during trading hours on Tuesday, hitting $91.05. 3,035,368 shares of the company’s stock traded hands, compared to its average volume of 5,970,965. The firm has a market cap of $50.38 billion, a P/E ratio of -7.21, a P/E/G ratio of 1.61 and a beta of 1.02. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The business’s fifty day simple moving average is $95.87 and its two-hundred day simple moving average is $97.31. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.11. The company had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company earned $2.28 earnings per share. On average, research analysts anticipate that 3M will post 8.79 earnings per share for the current fiscal year.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s 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 owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MMM. Financial Freedom LLC purchased a new position in shares of 3M during the 4th quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its holdings in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares during the period. DHJJ Financial Advisors Ltd. purchased a new position in shares of 3M during the 3rd quarter worth approximately $28,000. Northwest Investment Counselors LLC purchased a new position in shares of 3M during the 1st quarter worth approximately $32,000. Finally, Briaud Financial Planning Inc purchased a new position in shares of 3M during the 3rd quarter worth approximately $35,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.