3M (NYSE:MMM – Get Free Report) was downgraded by investment analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research note issued on Thursday, MarketBeat.com reports.
A number of other brokerages have also recently issued reports on MMM. HSBC upgraded shares of 3M to a “strong-buy” rating in a research note on Thursday, October 22nd. Citigroup increased their target price on 3M from $183.00 to $188.00 and gave the stock a “neutral” rating in a report on Wednesday, October 21st. Deutsche Bank reaffirmed a “hold” rating on shares of 3M in a research note on Wednesday, October 21st. Raymond James Financial reiterated a “market perform” rating on shares of 3M in a research report on Wednesday, October 21st. Finally, Royal Bank Of Canada increased their price objective on 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $190.07.
Check Out Our Latest Stock Report on 3M
3M Price Performance
Shares of NYSE:MMM opened at $188.80 on Thursday. The firm has a market capitalization of $97.56 billion, a PE ratio of 28.14, a PEG ratio of 2.47 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01. 3M has a 1-year low of $139.34 and a 1-year high of $196.90. The business’s 50 day moving average is $169.98 and its 200-day moving average is $162.23.
3M (NYSE:MMM – Get Free Report) last issued its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.12. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. 3M’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.19 earnings per share. Sell-side analysts predict that 3M will post 9.14 earnings per share for the current year.
3M announced that its Board of Directors has authorized a stock buyback program on Wednesday, November 4th that permits the company to buy back $6 billion in shares. This buyback authorization permits the conglomerate to repurchase up to 6.6% of its shares through open market purchases. Share buyback programs are often a sign that the company’s management believes its shares are undervalued.
Institutional Trading of 3M
Hedge funds have recently modified their holdings of the company. Security National Bank of SO Dak acquired a new position in shares of 3M in the 2nd quarter worth approximately $32,000. DecisionPoint Financial LLC grew its position in 3M by 2,387.5% during the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate’s stock worth $32,000 after acquiring an additional 191 shares during the last quarter. Trellis Wealth Advisors LLC acquired a new stake in 3M during the 3rd quarter valued at $33,000. Latitude Advisors LLC acquired a new stake in 3M during the 3rd quarter valued at $34,000. Finally, Compass Financial Management LLC acquired a new stake in 3M during the 2nd quarter valued at $38,000. Institutional investors and hedge funds own 65.25% of the company’s stock.
3M Company Profile
3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes. Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St. Paul, Minnesota.
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