Zacks Investment Research upgraded shares of 3M Company (NYSE:MMM) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $258.00 target price on the conglomerate’s stock.
According to Zacks, “Driven by broad-based organic growth across all segments and geographies, 3M reported strong third-quarter 2017 results with healthy year-over-year increase in earnings and revenues that beat the respective Zacks Consensus Estimates. 3M's global footprint, diversified product portfolio and the ability to penetrate in different markets have been its forte. 3M is investing heavily to bolster its competitive edge in the future. At the same time, the company is continuing with its portfolio restructuring efforts by divesting assets that no longer fit in its strategy and continues to make investments in other lucrative markets. The company has raised its guidance for 2017 on healthy growth dynamics. 3M has also outperformed the industry year to date. However, given its international presence, adverse foreign currency translations are likely to affect 3M’s ability to realize projected growth rates in sales and earnings.”
Other research analysts also recently issued reports about the company. Citigroup Inc. reduced their price objective on 3M from $230.00 to $228.00 and set a buy rating for the company in a research note on Wednesday, July 26th. Bank of America Corporation reaffirmed a buy rating and issued a $227.00 target price on shares of 3M in a research note on Thursday, September 14th. Jefferies Group LLC reaffirmed a buy rating and issued a $234.00 target price on shares of 3M in a research note on Wednesday, August 16th. Argus raised their target price on 3M from $220.00 to $260.00 and gave the stock a buy rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Finally, Royal Bank Of Canada reaffirmed a hold rating and issued a $209.00 target price on shares of 3M in a research note on Friday, September 15th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $231.16.
Shares of 3M (MMM) traded down $0.94 during trading hours on Tuesday, hitting $227.45. The stock had a trading volume of 1,295,800 shares, compared to its average volume of 1,841,446. 3M has a 52-week low of $170.72 and a 52-week high of $238.90. The stock has a market cap of $136,030.95, a price-to-earnings ratio of 25.52, a price-to-earnings-growth ratio of 2.47 and a beta of 1.08. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same quarter last year, the firm posted $2.15 EPS. The business’s revenue was up 6.0% on a year-over-year basis. analysts forecast that 3M will post 9.08 earnings per share for the current year.
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In other 3M news, CAO Ippocratis Vrohidis sold 1,725 shares of 3M stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $230.34, for a total transaction of $397,336.50. Following the transaction, the chief accounting officer now owns 898 shares of the company’s stock, valued at $206,845.32. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Khandpur K. Ashish sold 4,004 shares of 3M stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $231.39, for a total value of $926,485.56. Following the transaction, the vice president now directly owns 5,236 shares in the company, valued at approximately $1,211,558.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,951 shares of company stock valued at $6,159,012. 0.58% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MMM. Welch Group LLC increased its holdings in shares of 3M by 0.3% in the first quarter. Welch Group LLC now owns 87,098 shares of the conglomerate’s stock valued at $16,665,000 after purchasing an additional 281 shares during the period. Tyers Asset Management LLC grew its holdings in 3M by 24.7% during the first quarter. Tyers Asset Management LLC now owns 8,904 shares of the conglomerate’s stock worth $1,704,000 after acquiring an additional 1,764 shares during the period. Eqis Capital Management Inc. grew its holdings in 3M by 7.3% during the first quarter. Eqis Capital Management Inc. now owns 11,375 shares of the conglomerate’s stock worth $2,176,000 after acquiring an additional 772 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in 3M by 1.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,824,019 shares of the conglomerate’s stock worth $348,990,000 after acquiring an additional 30,306 shares during the period. Finally, Nwam LLC grew its holdings in 3M by 10.9% during the first quarter. Nwam LLC now owns 4,825 shares of the conglomerate’s stock worth $923,000 after acquiring an additional 476 shares during the period. 66.32% of the stock is currently owned by institutional investors.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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