3M (MMM) Downgraded to “Hold” at ValuEngine

ValuEngine cut shares of 3M (NYSE:MMM) from a buy rating to a hold rating in a report published on Friday.

A number of other brokerages have also issued reports on MMM. Zacks Investment Research raised 3M from a hold rating to a buy rating and set a $290.00 price target on the stock in a research note on Tuesday, January 30th. Royal Bank of Canada reissued a hold rating and issued a $254.00 price target on shares of 3M in a research note on Thursday, January 25th. JPMorgan Chase & Co. reissued an underweight rating and issued a $221.00 price target (up from $208.00) on shares of 3M in a research note on Thursday, January 18th. UBS started coverage on 3M in a research note on Tuesday, January 23rd. They issued a neutral rating and a $262.00 price target on the stock. Finally, Hilliard Lyons raised 3M from a neutral rating to a buy rating and set a $285.00 price objective on the stock in a research note on Wednesday, January 24th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. 3M has an average rating of Hold and an average target price of $254.72.

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Shares of 3M (NYSE MMM) opened at $215.36 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04. 3M has a 52 week low of $188.62 and a 52 week high of $259.77. The stock has a market capitalization of $128,246.88, a PE ratio of 23.49, a price-to-earnings-growth ratio of 2.00 and a beta of 1.10.

3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The firm had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. During the same period last year, the company earned $1.88 EPS. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. equities analysts predict that 3M will post 10.59 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.36 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is currently 68.69%.

In related news, CFO Nicholas C. Gangestad sold 1,681 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $249.76, for a total transaction of $419,846.56. Following the transaction, the chief financial officer now directly owns 23,562 shares of the company’s stock, valued at approximately $5,884,845.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Ippocratis Vrohidis sold 225 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $249.68, for a total value of $56,178.00. The disclosure for this sale can be found here. Insiders sold a total of 52,806 shares of company stock worth $13,162,628 over the last ninety days. Corporate insiders own 0.58% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Alpha Windward LLC lifted its position in 3M by 16.5% during the 4th quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock worth $339,000 after acquiring an additional 204 shares in the last quarter. Canal Capital Management LLC lifted its position in 3M by 3.2% during the 4th quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock worth $1,671,000 after acquiring an additional 221 shares in the last quarter. ARGI Investment Services LLC lifted its position in 3M by 6.8% during the 3rd quarter. ARGI Investment Services LLC now owns 3,579 shares of the conglomerate’s stock worth $736,000 after acquiring an additional 227 shares in the last quarter. Weatherstone Capital Management increased its holdings in 3M by 10.3% during the 4th quarter. Weatherstone Capital Management now owns 2,433 shares of the conglomerate’s stock worth $573,000 after purchasing an additional 227 shares during the last quarter. Finally, Cadence Bank NA increased its holdings in 3M by 1.6% during the 4th quarter. Cadence Bank NA now owns 15,368 shares of the conglomerate’s stock worth $3,617,000 after purchasing an additional 237 shares during the last quarter. 66.88% of the stock is currently owned by hedge funds and other institutional investors.

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About 3M

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for 3M (NYSE:MMM)

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