3M Co. (NYSE:MMM) – Jefferies Group increased their FY2019 earnings per share estimates for 3M in a research note issued on Tuesday. Jefferies Group analyst L. Alexander now expects that the firm will post earnings of $11.10 per share for the year, up from their prior estimate of $10.75. Jefferies Group currently has a “Buy” rating on the stock.
A number of other equities analysts have also weighed in on the stock. Morgan Stanley restated a “sell” rating on shares of 3M in a research report on Friday, June 10th. Credit Suisse Group AG restated a “buy” rating and set a $195.00 target price on shares of 3M in a research report on Friday, September 16th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Deutsche Bank AG restated a “hold” rating and set a $164.00 target price on shares of 3M in a research report on Thursday, August 25th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $167.11.
Shares of 3M (NYSE:MMM) traded down 0.77% during midday trading on Wednesday, reaching $171.06. 397,843 shares of the company’s stock were exchanged. The stock has a market cap of $103.39 billion, a PE ratio of 21.83 and a beta of 0.99. The stock’s 50 day moving average is $177.88 and its 200-day moving average is $173.11. 3M has a 12-month low of $134.64 and a 12-month high of $182.27.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $2.07 by $0.01. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. The firm’s revenue was down .3% compared to the same quarter last year. During the same quarter last year, the company earned $2.02 EPS.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Cable Hill Partners LLC increased its position in 3M by 5.0% in the second quarter. Cable Hill Partners LLC now owns 583 shares of the company’s stock valued at $103,000 after buying an additional 28 shares in the last quarter. Reilly Financial Advisors LLC increased its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock valued at $113,000 after buying an additional 178 shares in the last quarter. CenturyLink Investment Management Co bought a new position in 3M during the second quarter valued at approximately $116,000. Jackson Grant Investment Advisers Inc. increased its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock valued at $124,000 after buying an additional 49 shares in the last quarter. Finally, Cascade Investment Advisors Inc. bought a new position in 3M during the second quarter valued at approximately $125,000. 65.67% of the stock is currently owned by institutional investors.
In related news, VP Khandpur K. Ashish sold 1,679 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total value of $299,516.81. Following the transaction, the vice president now owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider James L. Bauman sold 9,066 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the completion of the transaction, the insider now directly owns 10,834 shares in the company, valued at approximately $1,933,002.28. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were paid a $1.11 dividend. This represents a $4.44 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio is presently 56.63%.
3M Company Profile
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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