3M’s (MMM) “Hold (C+)” Rating Reiterated at Weiss Ratings

Weiss Ratings reissued their hold (c+) rating on shares of 3M (NYSE:MMM) in a report published on Saturday,Weiss Ratings reports.

A number of other equities analysts also recently commented on the company. Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. raised their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Citigroup increased their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Barclays lifted their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Price Performance

Shares of 3M stock opened at $153.35 on Friday. The company’s fifty day simple moving average is $148.72 and its two-hundred day simple moving average is $137.71. 3M has a 12-month low of $85.62 and a 12-month high of $156.35. The firm has a market cap of $83.25 billion, a PE ratio of 20.31, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. During the same period last year, the firm earned $2.42 earnings per share. As a group, equities analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insider Transactions at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last quarter. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On 3M

A number of hedge funds have recently bought and sold shares of the business. Financial Life Planners bought a new stake in shares of 3M in the fourth quarter worth approximately $25,000. FSA Wealth Management LLC bought a new stake in 3M in the 3rd quarter worth approximately $27,000. REAP Financial Group LLC raised its stake in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after buying an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the 4th quarter valued at $27,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of 3M in the 4th quarter worth $28,000. Hedge funds and other institutional investors 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.