3M (MMM) Cut to Hold at ValuEngine
ValuEngine cut shares of 3M (NYSE:MMM) from a buy rating to a hold rating in a research report released on Friday.
Several other research analysts have also commented on the stock. Zacks Investment Research raised shares of 3M from a hold rating to a buy rating and set a $258.00 price objective for the company in a research note on Tuesday, November 7th. Goldman Sachs Group reissued a sell rating on shares of 3M in a research note on Thursday, October 26th. Citigroup boosted their target price on shares of 3M from $250.00 to $262.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Jefferies Group boosted their target price on shares of 3M to $262.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Finally, Bank of America boosted their target price on shares of 3M from $227.00 to $257.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $231.16.
3M (NYSE MMM) traded down $1.99 during midday trading on Friday, reaching $241.15. 2,232,200 shares of the company’s stock traded hands, compared to its average volume of 1,838,657. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47. The stock has a market capitalization of $143,630.91, a price-to-earnings ratio of 26.94, a price-to-earnings-growth ratio of 2.61 and a beta of 1.10. 3M has a 52 week low of $171.09 and a 52 week high of $243.63.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, topping the consensus estimate of $2.21 by $0.12. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. 3M’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.15 earnings per share. research analysts anticipate that 3M will post 9.08 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 24th will be issued a $0.0118 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $0.05 annualized dividend and a dividend yield of 0.02%. 3M’s payout ratio is currently 52.51%.
In related news, insider Jon T. Lindekugel sold 400 shares of 3M stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $230.06, for a total value of $92,024.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Inge G. Thulin sold 6,823 shares of 3M stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.14, for a total value of $1,590,714.22. Following the completion of the sale, the chairman now owns 196,906 shares of the company’s stock, valued at $45,906,664.84. The disclosure for this sale can be found here. Insiders sold 22,804 shares of company stock valued at $5,303,706 over the last 90 days. 0.58% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in MMM. Karp Capital Management Corp raised its holdings in 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after purchasing an additional 493,230 shares in the last quarter. Capital Research Global Investors bought a new position in 3M in the second quarter worth about $89,237,000. State of Tennessee Treasury Department raised its holdings in 3M by 92.6% in the first quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after purchasing an additional 220,741 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in 3M by 3.9% in the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after purchasing an additional 167,491 shares in the last quarter. Finally, PGGM Investments bought a new position in 3M in the second quarter worth about $32,606,000. Institutional investors and hedge funds own 66.33% of the company’s stock.
TRADEMARK VIOLATION WARNING: “3M (MMM) Cut to Hold at ValuEngine” was posted by TheOlympiaReport and is owned by of TheOlympiaReport. If you are reading this news story on another website, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright law. The legal version of this news story can be read at https://theolympiareport.com/2017/12/04/3m-mmm-cut-to-hold-at-valuengine.html.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for 3M Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Company and related companies with Analyst Ratings Network's FREE daily email newsletter.