Brokerages Set 3M Co (MMM) PT at $219.61

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3M Co (NYSE:MMM) has earned a consensus rating of “Hold” from the seventeen brokerages that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $219.61.

Several analysts have weighed in on the stock. Credit Suisse Group assumed coverage on shares of 3M in a research report on Friday, October 12th. They set an “outperform” rating and a $228.00 target price on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Monday, October 29th. Barclays decreased their price objective on shares of 3M from $201.00 to $195.00 and set an “underweight” rating for the company in a research note on Wednesday, October 24th. Citigroup decreased their price objective on shares of 3M from $251.00 to $228.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Finally, Royal Bank of Canada restated a “buy” rating and set a $213.00 price objective on shares of 3M in a research note on Wednesday, December 19th.

In other news, Director Gregory R. Page bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The stock was purchased at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the purchase, the director now directly owns 1,500 shares in the company, valued at approximately $276,750. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.72% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Morgan Stanley grew its holdings in shares of 3M by 11.9% during the third quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock worth $851,879,000 after buying an additional 430,262 shares in the last quarter. United Capital Management of KS Inc. grew its holdings in shares of 3M by 8.7% during the fourth quarter. United Capital Management of KS Inc. now owns 8,429 shares of the conglomerate’s stock worth $1,606,000 after buying an additional 678 shares in the last quarter. Fundsmith Equity Fund L.P. purchased a new stake in shares of 3M during the second quarter worth $668,488,000. Canada Pension Plan Investment Board grew its holdings in shares of 3M by 340.6% during the third quarter. Canada Pension Plan Investment Board now owns 259,360 shares of the conglomerate’s stock worth $54,650,000 after buying an additional 200,491 shares in the last quarter. Finally, Holderness Investments Co. grew its holdings in shares of 3M by 7.3% during the second quarter. Holderness Investments Co. now owns 4,350 shares of the conglomerate’s stock worth $856,000 after buying an additional 295 shares in the last quarter. Hedge funds and other institutional investors own 66.17% of the company’s stock.

Shares of 3M stock opened at $192.21 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31. 3M has a 52-week low of $176.87 and a 52-week high of $259.77. The company has a market capitalization of $111.97 billion, a PE ratio of 20.96, a PEG ratio of 1.75 and a beta of 1.14.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). 3M had a return on equity of 54.60% and a net margin of 13.79%. The firm had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same period in the previous year, the firm earned $2.33 EPS. The firm’s quarterly revenue was down .2% on a year-over-year basis. On average, equities research analysts expect that 3M will post 9.95 earnings per share for the current fiscal year.

3M declared that its board has initiated a stock repurchase plan on Tuesday, November 13th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the conglomerate to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

About 3M

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

Further Reading: How to Track your Portfolio in Google Finance

Analyst Recommendations for 3M (NYSE:MMM)

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