3M (NYSE:MMM) had its target price lifted by Royal Bank of Canada from $158.00 to $170.00 in a research note published on Wednesday morning, The Fly reports. Royal Bank of Canada currently has a sector perform rating on the conglomerate’s stock.
MMM has been the topic of several other research reports. Citigroup raised their price objective on shares of 3M from $146.00 to $170.00 and gave the company a neutral rating in a research report on Wednesday, April 29th. Langenberg & Company raised shares of 3M to a buy rating and set a $180.00 price target on the stock in a research report on Thursday, April 9th. Bank of America lifted their price target on shares of 3M from $165.00 to $170.00 and gave the company a neutral rating in a research report on Wednesday, April 29th. Zacks Investment Research raised shares of 3M from a sell rating to a hold rating and set a $133.00 price target on the stock in a research report on Thursday, April 30th. Finally, Morgan Stanley lifted their price target on shares of 3M from $131.00 to $160.00 and gave the company an equal weight rating in a research report on Friday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $164.15.
Shares of MMM opened at $150.47 on Wednesday. The firm has a market cap of $87.62 billion, a PE ratio of 17.06, a PEG ratio of 1.96 and a beta of 0.99. The firm’s 50 day moving average price is $156.57 and its 200 day moving average price is $153.55. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.19 and a current ratio of 1.94. 3M has a twelve month low of $114.04 and a twelve month high of $182.54.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.01. The firm had revenue of $7.18 billion for the quarter, compared to analyst estimates of $7.29 billion. 3M had a net margin of 16.38% and a return on equity of 46.86%. The company’s revenue for the quarter was down 12.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.20 earnings per share. On average, sell-side analysts anticipate that 3M will post 8.15 earnings per share for the current fiscal year.
In related news, SVP Ty R. Silberhorn sold 14,623 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the transaction, the senior vice president now owns 16,571 shares of the company’s stock, valued at $2,426,988.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael G. Vale sold 14,062 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $148.34, for a total transaction of $2,085,957.08. Following the transaction, the executive vice president now directly owns 46,900 shares in the company, valued at approximately $6,957,146. The disclosure for this sale can be found here. Insiders have sold 32,290 shares of company stock worth $4,757,036 in the last ninety days. 0.42% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. National Asset Management Inc. boosted its stake in 3M by 5.9% during the second quarter. National Asset Management Inc. now owns 5,647 shares of the conglomerate’s stock worth $882,000 after buying an additional 315 shares in the last quarter. Comerica Bank boosted its stake in 3M by 11.9% during the second quarter. Comerica Bank now owns 233,854 shares of the conglomerate’s stock worth $37,115,000 after buying an additional 24,777 shares in the last quarter. Merriman Wealth Management LLC acquired a new stake in 3M during the second quarter worth $282,000. Valmark Advisers Inc. acquired a new stake in 3M during the second quarter worth $274,000. Finally, Dixon Hubard Feinour & Brown Inc. VA boosted its stake in 3M by 14.6% during the second quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 5,687 shares of the conglomerate’s stock worth $883,000 after buying an additional 726 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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