3M (NYSE:MMM) Rating Increased to Buy at Melius

3M (NYSE:MMM) was upgraded by Melius from a “hold” rating to a “buy” rating in a report issued on Tuesday, Briefing.com reports.

Other analysts also recently issued research reports about the stock. Barclays boosted their target price on shares of 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada boosted their target price on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Wells Fargo & Company upped their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Mizuho upped their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, 3M has an average rating of “Hold” and a consensus target price of $133.87.

3M Stock Down 2.0 %

Shares of NYSE MMM traded down $2.71 during trading hours on Tuesday, hitting $132.13. 7,331,193 shares of the stock were exchanged, compared to its average volume of 4,908,921. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The company has a market cap of $73.12 billion, a PE ratio of -10.39, a PEG ratio of 2.49 and a beta of 0.95. The firm has a fifty day moving average price of $132.90 and a 200-day moving average price of $113.18. 3M has a 12 month low of $71.12 and a 12 month high of $141.12.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the previous year, the business posted $2.17 EPS. On average, sell-side analysts expect that 3M will post 7.24 EPS for the current year.

Insider Activity

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

Several hedge funds and other institutional investors have recently bought and sold shares of MMM. Tributary Capital Management LLC acquired a new stake in 3M during the first quarter worth about $25,000. MFA Wealth Advisors LLC acquired a new stake in 3M during the second quarter worth about $28,000. Daymark Wealth Partners LLC increased its position in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. boosted its stake in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the period. Finally, Meeder Asset Management Inc. boosted its stake in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.