3M (NYSE:MMM) had its target price hoisted by equities researchers at Morgan Stanley from $176.00 to $188.00 in a research report issued on Tuesday, AnalystRatings.net reports. The brokerage presently has an "equal weight" rating on the conglomerate's stock. Morgan Stanley's target price indicates a potential upside of 13.80% from the company's current price.
Other analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of 3M from a "buy" rating to a "hold" rating and set a $182.00 target price on the stock. in a research report on Tuesday, December 15th. JPMorgan Chase & Co. raised their target price on shares of 3M from $159.00 to $170.00 and gave the company a "neutral" rating in a research note on Wednesday, October 7th. BidaskClub lowered shares of 3M from a "buy" rating to a "hold" rating in a report on Monday, December 28th. Bank of America downgraded 3M from a "neutral" rating to an "underperform" rating and set a $170.00 price target on the stock. in a research note on Thursday, January 7th. Finally, Gordon Haskett raised 3M from an "underperform" rating to a "hold" rating and set a $170.00 price objective for the company in a research report on Wednesday, October 7th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company's stock. The stock presently has a consensus rating of "Hold" and an average target price of $173.00.
Shares of MMM opened at $165.20 on Tuesday. The company has a 50-day simple moving average of $173.75 and a two-hundred day simple moving average of $165.30. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.90 and a quick ratio of 1.37. The firm has a market capitalization of $95.29 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 2.13 and a beta of 0.93. 3M has a one year low of $114.04 and a one year high of $182.54.
3M (NYSE:MMM) last announced its earnings results on Sunday, November 1st. The conglomerate reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.17. 3M had a return on equity of 44.77% and a net margin of 15.65%. The firm had revenue of $8.35 billion during the quarter, compared to analyst estimates of $8.38 billion. During the same quarter in the prior year, the company earned $2.58 EPS. The business's revenue was up 4.5% compared to the same quarter last year. Analysts expect that 3M will post 8.61 EPS for the current fiscal year.
In other 3M news, EVP Jeffrey R. Lavers sold 6,219 shares of the business's stock in a transaction that occurred on Tuesday, December 8th. The stock was sold at an average price of $172.09, for a total transaction of $1,070,227.71. Following the sale, the executive vice president now directly owns 10,643 shares of the company's stock, valued at $1,831,553.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Khandpur K. Ashish sold 5,760 shares of the business's stock in a transaction that occurred on Thursday, December 17th. The stock was sold at an average price of $176.44, for a total value of $1,016,294.40. Following the sale, the executive vice president now directly owns 21,719 shares in the company, valued at $3,832,100.36. The disclosure for this sale can be found here. Insiders have sold 27,052 shares of company stock worth $4,688,423 over the last quarter. 0.42% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Adams Wealth Management acquired a new stake in shares of 3M in the 3rd quarter worth $32,000. Aua Capital Management LLC purchased a new stake in 3M during the 3rd quarter worth approximately $41,000. Summit X LLC purchased a new stake in 3M during the 3rd quarter worth approximately $48,000. Evolution Wealth Advisors LLC increased its stake in 3M by 47.4% during the 3rd quarter. Evolution Wealth Advisors LLC now owns 364 shares of the conglomerate's stock worth $58,000 after buying an additional 117 shares in the last quarter. Finally, ARK Investment Management LLC increased its stake in 3M by 38.3% during the 3rd quarter. ARK Investment Management LLC now owns 379 shares of the conglomerate's stock worth $61,000 after buying an additional 105 shares in the last quarter. 61.08% of the stock is currently owned by hedge funds and other institutional investors.
3M Company Profile
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
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