3M Company (NYSE:MMM) Upgraded at Zacks Investment Research

3M Company (NYSE:MMM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, November 7th. The brokerage presently has a $258.00 price objective on the conglomerate’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.50% from the stock’s current price.

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.”

Several other analysts also recently weighed in on MMM. Jefferies Group LLC reissued a “buy” rating and issued a $234.00 price target on shares of 3M in a research note on Wednesday, August 16th. Stifel Nicolaus reaffirmed a “hold” rating and set a $210.00 price objective on shares of 3M in a research note on Friday, July 28th. Morgan Stanley upped their price objective on shares of 3M from $190.00 to $201.00 and gave the company an “underweight” rating in a research note on Monday, October 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $209.00 price objective (down from $210.00) on shares of 3M in a research note on Wednesday, July 26th. Finally, William Blair reissued an “outperform” rating on shares of 3M in a research note on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. 3M presently has an average rating of “Hold” and an average price target of $231.16.

3M (NYSE:MMM) opened at $231.38 on Tuesday. The company has a market cap of $137,811.78, a price-to-earnings ratio of 25.85, a PEG ratio of 2.51 and a beta of 1.08. The company has a current ratio of 2.07, a quick ratio of 1.47 and a debt-to-equity ratio of 0.89. 3M has a 1 year low of $171.09 and a 1 year high of $238.90.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.12. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.15 earnings per share. sell-side analysts anticipate that 3M will post 9.08 earnings per share for the current fiscal year.

In other 3M news, CFO Nicholas C. Gangestad sold 4,004 shares of the stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $233.84, for a total value of $936,295.36. Following the transaction, the chief financial officer now directly owns 25,805 shares in the company, valued at $6,034,241.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James L. Bauman sold 2,000 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $230.89, for a total transaction of $461,780.00. Following the completion of the transaction, the executive vice president now owns 14,362 shares in the company, valued at $3,316,042.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,804 shares of company stock worth $5,303,706. Corporate insiders own 0.58% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jackson Grant Investment Advisers Inc. grew its stake in shares of 3M by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after buying an additional 4 shares in the last quarter. Baker Ellis Asset Management LLC grew its stake in shares of 3M by 0.3% in the 2nd quarter. Baker Ellis Asset Management LLC now owns 5,487 shares of the conglomerate’s stock worth $1,142,000 after buying an additional 19 shares in the last quarter. Kopp Investment Advisors LLC grew its stake in shares of 3M by 0.4% in the 2nd quarter. Kopp Investment Advisors LLC now owns 5,281 shares of the conglomerate’s stock worth $1,099,000 after buying an additional 20 shares in the last quarter. Main Street Research LLC grew its stake in shares of 3M by 1.1% in the 1st quarter. Main Street Research LLC now owns 1,984 shares of the conglomerate’s stock worth $380,000 after buying an additional 22 shares in the last quarter. Finally, Osborne Partners Capital Management LLC grew its stake in shares of 3M by 1.0% in the 2nd quarter. Osborne Partners Capital Management LLC now owns 2,272 shares of the conglomerate’s stock worth $473,000 after buying an additional 22 shares in the last quarter. 66.32% of the stock is owned by institutional investors.

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3M Company Profile

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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