3M (NYSE:MMM) Earns Hold (C+) Rating from Weiss Ratings

Key Points

• 3M's stock has a "hold (C+)" rating from Weiss Ratings, with several brokerages setting target prices ranging from $160 to $170.
• The company reported an EPS of $2.16 for the last quarter, exceeding consensus estimates of $2.01, alongside a year-over-year revenue increase of 1.4%.
• Institutional investors own approximately 65.25% of 3M's stock, reflecting strong interest and confidence in the company.

3M (NYSE:MMM - Get Free Report)'s stock had its "hold (c+)" rating reiterated by equities researchers at Weiss Ratings in a research report issued on Saturday,Weiss Ratings reports.

Several other brokerages also recently commented on MMM. Barclays set a $170.00 target price on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Citigroup boosted their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $161.78.

3M Trading Down 0.8%

MMM stock opened at $156.56 on Friday. 3M has a 1-year low of $121.98 and a 1-year high of $164.15. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The business's 50 day moving average is $154.15 and its 200-day moving average is $147.96. The firm has a market cap of $83.39 billion, a P/E ratio of 21.77, a P/E/G ratio of 2.87 and a beta of 1.04.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter last year, the company earned $1.93 EPS. 3M's revenue was up 1.4% on a year-over-year basis. Equities analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the sale, the chief accounting officer owned 2,561 shares in the company, valued at approximately $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider directly owned 2,900 shares in the company, valued at $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

Institutional Trading of 3M

Several hedge funds have recently added to or reduced their stakes in MMM. Farmers & Merchants Investments Inc. lifted its holdings in 3M by 0.4% during the second quarter. Farmers & Merchants Investments Inc. now owns 16,920 shares of the conglomerate's stock worth $2,576,000 after acquiring an additional 72 shares in the last quarter. TCV Trust & Wealth Management Inc. raised its position in shares of 3M by 1.1% during the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock worth $954,000 after purchasing an additional 73 shares during the period. Cahaba Wealth Management Inc. lifted its holdings in shares of 3M by 1.4% during the 1st quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock valued at $819,000 after purchasing an additional 75 shares in the last quarter. Altman Advisors Inc. grew its position in shares of 3M by 0.5% in the 1st quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock valued at $2,318,000 after purchasing an additional 76 shares during the period. Finally, NBT Bank N A NY increased its stake in 3M by 0.8% during the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock worth $1,431,000 after purchasing an additional 79 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

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.

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