3M (NYSE:MMM) Receives Average Rating of “Hold” from Analysts

Shares of 3M (NYSE:MMM) have been assigned a consensus recommendation of “Hold” from the ten brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $104.00.

A number of equities analysts have commented on MMM shares. Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. Royal Bank of Canada cut their price objective on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research report on Tuesday, April 2nd. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Wells Fargo & Company cut their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Finally, Citigroup upped their price objective on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th.

3M Stock Performance

MMM stock opened at $91.42 on Friday. The company has a fifty day moving average price of $95.70 and a 200 day moving average price of $97.35. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. 3M’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.28 EPS. Equities research analysts anticipate that 3M will post 7.87 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.61%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is presently -47.82%.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, 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 filing with the SEC, which is available through this hyperlink. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 3M

Hedge funds have recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of 3M by 15.4% during 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 purchasing an additional 14,775 shares during the last quarter. Cornerstone Wealth Group LLC acquired a new stake in shares of 3M during the 3rd quarter worth about $3,855,000. Shoker Investment Counsel Inc. boosted its stake 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 during the last quarter. Diversified Trust Co boosted its stake 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 during the last quarter. Finally, MWA Asset Management acquired a new stake in shares of 3M during the 4th quarter worth about $1,723,000. 65.25% of the stock is owned by institutional investors and hedge funds.

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.