3M (NYSE:MMM) Lifted to Strong-Buy at StockNews.com

StockNews.com upgraded shares of 3M (NYSE:MMM) from a buy rating to a strong-buy rating in a report released on Thursday morning.

A number of other analysts have also weighed in on MMM. JPMorgan Chase & Co. cut their price objective on shares of 3M from $118.00 to $110.00 and set a neutral rating on the stock in a research note on Wednesday, April 17th. Mizuho reaffirmed a neutral rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Royal Bank of Canada decreased their price objective on 3M from $84.00 to $78.00 and set an underperform rating for the company in a report on Tuesday, April 2nd. Citigroup raised their target price on 3M from $95.31 to $98.00 and gave the stock a neutral rating in a report on Monday, April 8th. Finally, Barclays reduced their price target on 3M from $126.00 to $107.00 and set an overweight rating for the company in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, 3M currently has a consensus rating of Hold and a consensus target price of $104.00.

3M Price Performance

Shares of NYSE MMM opened at $91.83 on Thursday. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The firm has a market cap of $50.82 billion, a P/E ratio of -7.27, a P/E/G ratio of 1.74 and a beta of 1.02. The business’s 50 day moving average price is $95.71 and its 200 day moving average price is $97.41.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.58%. 3M’s dividend payout ratio (DPR) is -47.82%.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 3M

Several large investors have recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of 3M by 15.4% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock worth $10,391,000 after purchasing an additional 14,775 shares in the last quarter. Shoker Investment Counsel Inc. raised its position in shares of 3M by 49.7% in the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock valued at $1,568,000 after buying an additional 5,561 shares during the last quarter. Diversified Trust Co lifted its stake in shares of 3M by 1.4% in the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after buying an additional 263 shares in the last quarter. MWA Asset Management acquired a new position in 3M during the fourth quarter worth about $1,723,000. Finally, Canada Pension Plan Investment Board purchased a new stake in 3M during the 3rd quarter valued at about $11,908,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Company Profile

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.