3M (NYSE:MMM) Receives New Coverage from Analysts at Morgan Stanley

Morgan Stanley started coverage on shares of 3M (NYSE:MMM) in a research note published on Friday, MarketBeat reports. The firm issued an underweight rating and a $125.00 price objective on the conglomerate’s stock.

Several other research firms have also issued reports on MMM. Wells Fargo & Company raised their price target on shares of 3M from $100.00 to $110.00 and gave the stock an equal weight rating in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft upgraded 3M from a hold rating to a buy rating and increased their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. StockNews.com downgraded 3M from a buy rating to a hold rating in a research note on Monday, July 29th. Wolfe Research upgraded 3M from a peer perform rating to an outperform rating and set a $125.00 target price for the company in a report on Thursday, June 13th. Finally, Citigroup boosted their price target on 3M from $100.00 to $133.00 and gave the company a neutral rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $124.43.

3M Price Performance

MMM stock opened at $128.61 on Friday. The company has a market capitalization of $71.17 billion, a P/E ratio of -10.11, a PEG ratio of 2.49 and a beta of 0.95. The company has a fifty day moving average price of $118.48 and a 200-day moving average price of $104.99. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52-week low of $71.12 and a 52-week high of $134.99.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the previous year, the business earned $2.17 EPS. As a group, equities analysts expect that 3M will post 7.2 EPS for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s payout ratio is currently -22.01%.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Gilbert & Cook Inc. purchased a new stake in 3M during the fourth quarter valued at about $481,000. Aveo Capital Partners LLC purchased a new position in shares of 3M during the 4th quarter valued at about $219,000. LSV Asset Management lifted its position in 3M by 41.4% in the 4th quarter. LSV Asset Management now owns 9,900 shares of the conglomerate’s stock worth $1,082,000 after buying an additional 2,900 shares during the last quarter. Principal Securities Inc. purchased a new stake in 3M in the fourth quarter worth approximately $527,000. Finally, Calton & Associates Inc. bought a new position in 3M during the fourth quarter valued at approximately $433,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.