3M’s (MMM) Underperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their underperform rating on shares of 3M (NYSE:MMM) in a report released on Wednesday morning,Benzinga reports. They currently have a $96.00 price objective on the conglomerate’s stock.

A number of other equities analysts also recently commented on MMM. Bank of America boosted their price objective on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Down 0.0 %

Shares of NYSE:MMM opened at $149.61 on Wednesday. 3M has a 1 year low of $75.40 and a 1 year high of $152.08. The firm’s 50-day moving average is $132.43 and its two-hundred day moving average is $128.82. The firm has a market capitalization of $81.47 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5,770,390 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company’s revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 earnings per share. Analysts predict that 3M will post 7.66 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.87%. 3M’s payout ratio is 37.09%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC boosted its stake in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after buying an additional 4,212,409 shares during the period. International Assets Investment Management LLC raised its stake in 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after acquiring an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC acquired a new stake in 3M during the 2nd quarter worth approximately $76,732,000. Jennison Associates LLC purchased a new position in shares of 3M in the 3rd quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP increased its holdings in shares of 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after purchasing an additional 526,194 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company’s 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.