Wells Fargo & Company Upgrades 3M (NYSE:MMM) to Hold

3M (NYSE:MMM) was upgraded by Wells Fargo & Company to a “hold” rating in a note issued to investors on Thursday, Zacks reports.

Other analysts also recently issued research reports about the company. UBS Group boosted their price objective on 3M from $190.00 to $218.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings raised shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 31st. Jefferies Financial Group upped their price target on shares of 3M from $170.00 to $175.00 and gave the company a “hold” rating in a report on Monday, June 29th. Royal Bank Of Canada increased their price target on shares of 3M from $123.00 to $132.00 and gave the company an “underperform” rating in a research report on Wednesday, July 22nd. Finally, Sanford C. Bernstein raised shares of 3M from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $145.00 to $171.00 in a report on Friday. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $181.21.

3M Stock Up 1.1%

MMM opened at $169.37 on Thursday. The company has a market cap of $87.35 billion, a P/E ratio of 30.08, a P/E/G ratio of 2.21 and a beta of 1.01. The business’s 50-day moving average price is $173.63 and its 200-day moving average price is $159.60. The company has a current ratio of 1.24, a quick ratio of 0.91 and a debt-to-equity ratio of 3.63. 3M has a 12 month low of $139.34 and a 12 month high of $184.90.

3M (NYSE:MMM) last issued its earnings results on Tuesday, July 21st. The conglomerate reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.15. 3M had a return on equity of 115.87% and a net margin of 11.90%.The company had revenue of $6.50 billion during the quarter, compared to analysts’ expectations of $6.40 billion. During the same period in the prior year, the business posted $2.16 EPS. 3M’s quarterly revenue was up 2.5% compared to the same quarter last year. 3M has set its FY 2026 guidance at 8.800-8.950 EPS. On average, equities analysts expect that 3M will post 8.96 EPS for the current year.

Insider Activity at 3M

In other news, insider Karin Chavez sold 3,635 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total value of $663,423.85. Following the completion of the transaction, the insider owned 14,035 shares in the company, valued at $2,561,527.85. This trade represents a 20.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 3M

Institutional investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. grew its position in shares of 3M by 6.8% in the 2nd quarter. QRG Capital Management Inc. now owns 74,039 shares of the conglomerate’s stock worth $11,988,000 after buying an additional 4,738 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in 3M by 18.3% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 34,029 shares of the conglomerate’s stock valued at $5,510,000 after acquiring an additional 5,256 shares during the period. State Street Corp boosted its stake in 3M by 0.4% during the second quarter. State Street Corp now owns 27,828,966 shares of the conglomerate’s stock worth $4,505,788,000 after acquiring an additional 105,222 shares in the last quarter. MAC Alpha Capital Management LP purchased a new stake in 3M in the second quarter worth about $353,000. Finally, Security National Bank of SO Dak purchased a new stake in 3M in the second quarter worth about $32,000. Institutional investors own 65.25% of the company’s stock.

3M Company Profile

3M Company is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it initially supplied abrasives and other materials before expanding into a broad range of science-based products and technologies.

The company develops products for industrial, transportation, electronics, safety and consumer markets. Its offerings include personal protective equipment, industrial adhesives and tapes, abrasives, filtration products, electrical materials, automotive solutions, medical and dental products, and consumer brands such as Post-it Notes and Scotch products.