3M (NYSE:MMM) Earns Hold (C+) Rating from Weiss Ratings

3M (NYSE:MMM)‘s stock had its “hold (c+)” rating restated by analysts at Weiss Ratings in a report released on Saturday,Weiss Ratings reports.

A number of other analysts have also issued reports on the company. Barclays boosted their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Citigroup boosted their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Trading Down 0.6 %

Shares of NYSE MMM opened at $150.35 on Friday. 3M has a 1-year low of $85.62 and a 1-year high of $156.35. The business’s 50 day moving average is $148.35 and its two-hundred day moving average is $137.55. The stock has a market capitalization of $81.63 billion, a P/E ratio of 19.91, a PEG ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.42 earnings per share. As a group, research analysts expect that 3M will post 7.8 EPS for the current year.

Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

Several hedge funds have recently added to or reduced their stakes in MMM. Norges Bank purchased a new stake in 3M in the fourth quarter valued at $636,767,000. FMR LLC boosted its holdings in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. Invesco Ltd. boosted its holdings in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. purchased a new stake in 3M in the fourth quarter valued at $175,110,000. Finally, Capital World Investors boosted its stake in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after acquiring an additional 1,248,093 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

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.