Weiss Ratings Reiterates "Buy (B-)" Rating for 3M (NYSE:MMM)

Key Points

• Weiss Ratings has reiterated its "Buy (B-)" rating for 3M, indicating positive sentiment from analysts regarding the company's stock.
• 3M's shares dipped by 0.6% to $154.40, while analysts project an average target price of $164.70, reflecting potential growth.
• In recent activity, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock, resulting in a significant decrease of 68.01% in their ownership of the company.

3M (NYSE:MMM - Get Free Report)'s stock had its "buy (b-)" rating reiterated by investment analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Several other equities research analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of 3M from $177.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. Barclays set a $170.00 target price on shares of 3M in a research report on Friday, July 18th. Wells Fargo & Company lifted their price target on shares of 3M from $170.00 to $176.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, 3M has an average rating of "Moderate Buy" and a consensus target price of $164.70.

3M Stock Down 0.6%

Shares of NYSE:MMM traded down $0.93 during mid-day trading on Wednesday, hitting $154.40. 614,955 shares of the company traded hands, compared to its average volume of 3,624,254. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. 3M has a 52-week low of $121.98 and a 52-week high of $164.15. The firm's 50 day simple moving average is $154.53 and its 200 day simple moving average is $148.64. The firm has a market cap of $82.24 billion, a P/E ratio of 21.48, a PEG ratio of 2.58 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last released its quarterly 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 for the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the previous year, the firm posted $1.93 earnings per share. The company's revenue was up 1.4% compared to the same quarter last year. On average, equities analysts anticipate that 3M will post 7.8 EPS for the current year.

Insider Transactions at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the sale, the insider directly owned 2,900 shares in the company, valued at $435,522. The trade was a 68.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were 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 trade represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 3M

Several institutional investors and hedge funds have recently made changes to their positions in MMM. Brighton Jones LLC grew its position in 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock worth $1,149,000 after buying an additional 1,872 shares in the last quarter. Bison Wealth LLC raised its position in 3M by 10.2% during the 4th quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate's stock worth $355,000 after purchasing an additional 255 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in 3M during the 1st quarter worth about $1,226,000. Wealthcare Advisory Partners LLC lifted its position in 3M by 2.4% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 21,922 shares of the conglomerate's stock valued at $3,219,000 after acquiring an additional 509 shares in the last quarter. Finally, Simplicity Wealth LLC lifted its position in shares of 3M by 200.4% during the 1st quarter. Simplicity Wealth LLC now owns 4,848 shares of the conglomerate's stock worth $712,000 after buying an additional 3,234 shares in the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.