3M (NYSE:MMM) Now Covered by Analysts at HSBC

HSBC initiated coverage on shares of 3M (NYSE:MMM) in a research note released on Friday morning, MarketBeat.com reports. The firm issued a hold rating and a $109.00 price objective on the conglomerate’s stock.

Other research analysts have also issued reports about the stock. UBS Group raised their price target on shares of 3M from $95.00 to $115.00 in a research report on Tuesday, July 25th. StockNews.com started coverage on shares of 3M in a research report on Thursday, August 17th. They set a hold rating on the stock. Citigroup lifted their price objective on shares of 3M from $100.00 to $111.00 in a research report on Wednesday, July 26th. Royal Bank of Canada lifted their price objective on shares of 3M from $95.00 to $100.00 in a research report on Wednesday, July 26th. Finally, Barclays lifted their price objective on shares of 3M from $93.00 to $96.00 in a research report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat.com, 3M has an average rating of Hold and an average price target of $113.08.

3M Stock Down 0.0 %

3M stock opened at $101.04 on Friday. 3M has a 1-year low of $92.38 and a 1-year high of $133.91. The firm has a market capitalization of $55.77 billion, a price-to-earnings ratio of -35.58, a price-to-earnings-growth ratio of 1.59 and a beta of 0.96. The firm’s fifty day moving average price is $104.39 and its two-hundred day moving average price is $102.92. The company has a current ratio of 1.44, a quick ratio of 0.96 and a debt-to-equity ratio of 1.65.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.44. 3M had a negative net margin of 4.43% and a positive return on equity of 38.99%. The firm had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.88 billion. During the same period last year, the firm earned $2.48 earnings per share. The business’s quarterly revenue was down 8.1% compared to the same quarter last year. On average, equities research analysts predict that 3M will post 8.95 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Monday, August 21st were paid a $1.50 dividend. The ex-dividend date of this dividend was Friday, August 18th. This represents a $6.00 annualized dividend and a dividend yield of 5.94%. 3M’s payout ratio is -211.27%.

Hedge Funds Weigh In On 3M

Several large investors have recently modified their holdings of the business. Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of 3M by 102,920.1% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 39,317,632 shares of the conglomerate’s stock worth $3,935,302,000 after purchasing an additional 39,279,467 shares in the last quarter. State Street Corp grew its stake in 3M by 0.6% during the second quarter. State Street Corp now owns 33,311,747 shares of the conglomerate’s stock valued at $3,334,173,000 after acquiring an additional 196,238 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in 3M by 9.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,132,871 shares of the conglomerate’s stock valued at $1,567,502,000 after acquiring an additional 1,116,821 shares in the last quarter. Geode Capital Management LLC grew its stake in 3M by 3.2% during the second quarter. Geode Capital Management LLC now owns 11,846,089 shares of the conglomerate’s stock valued at $1,182,812,000 after acquiring an additional 371,298 shares in the last quarter. Finally, Morgan Stanley grew its stake in 3M by 8.3% during the fourth quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after acquiring an additional 825,223 shares in the last quarter. Hedge funds and other institutional investors own 65.24% 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.