3M (NYSE:MMM) Stock Rating Upgraded by Melius

3M (NYSE:MMM) was upgraded by equities research analysts at Melius from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Marketbeat.com reports.

A number of other research analysts have also recently commented on MMM. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company upped their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Barclays lifted their price target on shares of 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $135.67.

3M Stock Performance

MMM opened at $127.91 on Tuesday. The company has a 50 day simple moving average of $133.07 and a two-hundred day simple moving average of $113.57. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The firm has a market cap of $70.78 billion, a P/E ratio of -10.06, a PEG ratio of 2.49 and a beta of 0.95. 3M has a 1-year low of $72.47 and a 1-year high of $141.34.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. 3M’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.68 EPS. Equities analysts forecast that 3M will post 7.24 earnings per share for the current fiscal year.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BKM Wealth Management LLC bought a new stake in 3M during the 3rd quarter valued at about $290,000. Parcion Private Wealth LLC raised its stake in shares of 3M by 9.0% during the third quarter. Parcion Private Wealth LLC now owns 5,964 shares of the conglomerate’s stock valued at $815,000 after acquiring an additional 493 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of 3M by 18.2% in the third quarter. Allworth Financial LP now owns 26,586 shares of the conglomerate’s stock valued at $3,634,000 after purchasing an additional 4,091 shares during the period. Elwood & Goetz Wealth Advisory Group LLC bought a new position in 3M in the third quarter worth approximately $233,000. Finally, Trueblood Wealth Management LLC purchased a new position in 3M during the 3rd quarter worth $202,000. 65.25% of the stock is currently owned by institutional investors.

About 3M

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.