3M (NYSE:MMM) Earns Underperform Rating from Royal Bank of Canada

3M (NYSE:MMM)‘s stock had its “underperform” rating reaffirmed by research analysts at Royal Bank of Canada in a report released on Thursday,Benzinga reports. They currently have a $96.00 price objective on the conglomerate’s stock. Royal Bank of Canada’s target price suggests a potential downside of 36.39% from the company’s previous close.

Several other analysts have also recently issued reports on MMM. Citigroup upped their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Barclays upped their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. increased their price target on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Price Performance

Shares of NYSE:MMM traded up $3.48 during midday trading on Thursday, reaching $150.91. 2,411,689 shares of the company were exchanged, compared to its average volume of 3,927,471. The stock has a market cap of $81.93 billion, a PE ratio of 19.98, a price-to-earnings-growth ratio of 3.30 and a beta of 0.96. The business’s fifty day moving average is $141.75 and its two-hundred day moving average is $135.09. 3M has a one year low of $75.40 and a one year high of $155.00. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the firm earned $2.42 EPS. The business’s revenue was down 25.0% on a year-over-year basis. As a group, analysts predict that 3M will post 7.8 earnings per share for the current year.

Insider Buying and Selling at 3M

In related news, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last three months. Company insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

A number of hedge funds have recently added to or reduced their stakes in the business. Financial Life Planners bought a new stake in shares of 3M in the 4th quarter valued at about $25,000. Proficio Capital Partners LLC bought a new position in 3M in the fourth quarter worth approximately $26,000. FSA Wealth Management LLC purchased a new stake in 3M during the third quarter worth $27,000. Hazlett Burt & Watson Inc. purchased a new position in shares of 3M in the 4th quarter valued at $27,000. Finally, Pinney & Scofield Inc. bought a new position in shares of 3M in the 4th quarter worth $28,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

About 3M

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.