Weiss Ratings Reaffirms Hold (C+) Rating for 3M (NYSE:MMM)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C+)" rating for 3M (NYSE:MMM), indicating a neutral outlook. This aligns with a consensus rating of "Hold" from various analysts, with a target price averaging $158.10.
• 3M reported earnings of $2.16 per share in its most recent quarter, which exceeded analysts' expectations and marked a year-over-year revenue increase of 1.4% to $6.16 billion.
• Despite positive earnings news, 3M’s stock has seen recent insider selling, with notable executives selling shares, reflecting a potential caution among company leadership as they decrease their ownership.

3M (NYSE:MMM - Get Free Report)'s stock had its "hold (c+)" rating restated by investment analysts at Weiss Ratings in a research report issued to clients and investors on Thursday,Weiss Ratings reports.

MMM has been the subject of a number of other reports. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research report on Friday, July 18th. Royal Bank Of Canada increased their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Finally, Citigroup upped their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, 3M currently has a consensus rating of "Hold" and a consensus price target of $158.10.

3M Trading Down 2.1%

MMM opened at $156.89 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. 3M has a 52 week low of $121.98 and a 52 week high of $164.15. The business's 50 day moving average is $150.84 and its two-hundred day moving average is $147.19. The firm has a market cap of $83.56 billion, a price-to-earnings ratio of 21.82, a price-to-earnings-growth ratio of 3.10 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same period in the previous year, the company posted $1.93 EPS. The company's quarterly revenue was up 1.4% on a year-over-year basis. On average, research analysts predict that 3M will post 7.8 EPS for the current year.

Insider Buying and Selling

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on 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 of the company's stock, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,401 shares of company stock valued at $2,600,803 over the last quarter. Company insiders own 0.34% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Farmers & Merchants Investments Inc. boosted its stake in shares of 3M by 0.4% during the 2nd 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 holdings in 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 last quarter. Cahaba Wealth Management Inc. raised its holdings in 3M by 1.4% during the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after purchasing an additional 75 shares during the last quarter. Altman Advisors Inc. boosted its position in 3M by 0.5% during the first quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock worth $2,318,000 after purchasing an additional 76 shares in the last quarter. Finally, NBT Bank N A NY grew its holdings in 3M by 0.8% in the first quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock valued at $1,431,000 after purchasing an additional 79 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.

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