StockNews.com Begins Coverage on 3M (NYSE:MMM)

StockNews.com started coverage on shares of 3M (NYSE:MMM) in a research note released on Tuesday. The firm issued a buy rating on the conglomerate’s stock.

Other analysts have also issued research reports about the company. Barclays reduced their target price on 3M from $126.00 to $107.00 and set an overweight rating on the stock in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. upgraded shares of 3M from a neutral rating to an overweight rating and lifted their price objective for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. UBS Group upped their target price on shares of 3M from $98.00 to $100.00 and gave the stock a neutral rating in a research note on Wednesday, May 1st. HSBC raised shares of 3M from a hold rating to a buy rating and lifted their price target for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Finally, Vertical Research upgraded 3M from a hold rating to a buy rating and raised their price objective for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of Hold and an average price target of $107.55.

3M Price Performance

Shares of 3M stock opened at $99.67 on Tuesday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The stock has a 50 day moving average price of $97.69 and a 200-day moving average price of $98.71. The stock has a market cap of $55.15 billion, a price-to-earnings ratio of -7.84, a price-to-earnings-growth ratio of 1.87 and a beta of 1.00. 3M has a one year low of $71.12 and a one year high of $106.04.

3M (NYSE:MMM) last released its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter last year, the business earned $1.97 EPS. Equities analysts expect that 3M will post 7.23 EPS for the current year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Thursday, May 23rd. 3M’s dividend payout ratio is currently -47.48%.

Hedge Funds Weigh In On 3M

Several institutional investors and hedge funds have recently bought and sold shares of MMM. Tributary Capital Management LLC acquired a new stake in shares of 3M in the 1st quarter worth $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of 3M during the first quarter worth about $32,000. Livelsberger Financial Advisory acquired a new position in shares of 3M during the fourth quarter valued at about $35,000. Finally, CGC Financial Services LLC raised its position in shares of 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

About 3M

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.