3M (NYSE:MMM) Coverage Initiated at StockNews.com

Equities researchers at StockNews.com started coverage on shares of 3M (NYSE:MMM) in a report issued on Wednesday. The firm set a “buy” rating on the conglomerate’s stock.

A number of other equities research analysts have also recently commented on MMM. Mizuho cut their price target on shares of 3M from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Barclays upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $111.00 to $126.00 in a report on Tuesday, March 19th. Citigroup dropped their target price on shares of 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Wells Fargo & Company dropped their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada reiterated an “underperform” rating and set a $84.00 price target on shares of 3M in a research note on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $107.60.

3M Price Performance

Shares of NYSE MMM opened at $102.63 on Wednesday. 3M has a fifty-two week low of $85.35 and a fifty-two week high of $113.14. The company has a 50 day simple moving average of $96.99 and a two-hundred day simple moving average of $97.76. The company has a market capitalization of $56.72 billion, a price-to-earnings ratio of -8.13, a P/E/G ratio of 1.51 and a beta of 1.00. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter last year, the firm earned $2.28 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Analysts expect that 3M will post 9.77 EPS for the current fiscal year.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 3M

Several large investors have recently modified their holdings of the business. Fragasso Group Inc. raised its stake in shares of 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after acquiring an additional 93 shares in the last quarter. McIlrath & Eck LLC increased its stake in 3M by 13.3% during the 4th quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock valued at $100,000 after purchasing an additional 98 shares in the last quarter. Orion Portfolio Solutions LLC boosted its holdings in shares of 3M by 1.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock valued at $1,182,000 after acquiring an additional 98 shares during the last quarter. Vestcor Inc boosted its holdings in shares of 3M by 0.8% in the 4th quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock valued at $1,575,000 after acquiring an additional 102 shares during the last quarter. Finally, Bollard Group LLC boosted its holdings in shares of 3M by 2.0% in the 2nd quarter. Bollard Group LLC now owns 5,191 shares of the conglomerate’s stock valued at $520,000 after acquiring an additional 103 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.