3M (NYSE:MMM) Rating Increased to Buy at UBS Group

UBS Group upgraded shares of 3M (NYSE:MMM) from a neutral rating to a buy rating in a report released on Wednesday morning, MarketBeat Ratings reports. UBS Group currently has $184.00 price target on the conglomerate’s stock, up from their prior price target of $130.00.

A number of other research firms have also issued reports on MMM. Citigroup lifted their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company upped their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Mizuho lifted their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Royal Bank of Canada increased their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Down 0.3 %

MMM opened at $131.00 on Wednesday. The company has a market cap of $71.34 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a 50 day moving average price of $132.76 and a 200 day moving average price of $117.50.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the firm posted $2.68 EPS. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. Sell-side analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is 35.35%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Sei Investments Co. boosted its position in 3M by 13.2% during the first quarter. Sei Investments Co. now owns 154,810 shares of the conglomerate’s stock valued at $16,420,000 after purchasing an additional 18,054 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of 3M by 0.8% in the 1st quarter. Russell Investments Group Ltd. now owns 262,119 shares of the conglomerate’s stock valued at $27,719,000 after buying an additional 2,050 shares in the last quarter. GM Advisory Group LLC raised its position in 3M by 3.4% during the first quarter. GM Advisory Group LLC now owns 6,014 shares of the conglomerate’s stock valued at $638,000 after acquiring an additional 200 shares in the last quarter. M&G Plc acquired a new stake in 3M in the first quarter valued at approximately $15,855,000. Finally, Poehling Capital Management INC. grew its position in 3M by 6.6% in the first quarter. Poehling Capital Management INC. now owns 69,623 shares of the conglomerate’s stock worth $7,385,000 after acquiring an additional 4,330 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.