StockNews.com Upgrades 3M (NYSE:MMM) to “Strong-Buy”

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

A number of other equities research analysts also recently weighed in on the company. Citigroup raised their price target on 3M from $95.31 to $98.00 and gave the stock a neutral rating in a research note on Monday, April 8th. Royal Bank of Canada cut their price target on 3M from $84.00 to $78.00 and set an underperform rating for the company in a research note on Tuesday, April 2nd. Barclays cut their price target on 3M from $126.00 to $107.00 and set an overweight rating for the company in a research note on Tuesday, April 2nd. Mizuho reaffirmed a neutral rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Finally, Bank of America cut their price target on 3M from $110.00 to $100.00 and set a neutral rating for the company in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $104.00.

3M Trading Up 1.0 %

Shares of NYSE MMM opened at $92.35 on Tuesday. 3M has a one year low of $71.12 and a one year high of $95.67. The firm has a market capitalization of $51.10 billion, a PE ratio of -7.31, a PEG ratio of 1.61 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The business has a 50-day moving average price of $95.76 and a two-hundred day moving average price of $97.24.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the company posted $2.28 EPS. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, analysts predict that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.54%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is currently -47.82%.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in 3M by 15.4% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock worth $10,391,000 after buying an additional 14,775 shares during the period. Cornerstone Wealth Group LLC acquired a new stake in shares of 3M during the 3rd quarter worth approximately $3,855,000. Shoker Investment Counsel Inc. grew its holdings in shares of 3M by 49.7% during the 3rd quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after purchasing an additional 5,561 shares in the last quarter. Diversified Trust Co grew its holdings in shares of 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after purchasing an additional 263 shares in the last quarter. Finally, MWA Asset Management acquired a new stake in shares of 3M during the 4th quarter worth approximately $1,723,000. 65.25% of the stock is owned by 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.