UBS Group Upgrades 3M (NYSE:MMM) to Neutral

3M (NYSE:MMMGet Rating) was upgraded by analysts at UBS Group from a “sell” rating to a “neutral” rating in a report issued on Friday, Marketbeat reports. The brokerage presently has a $126.00 price objective on the conglomerate’s stock, up from their previous price objective of $118.00. UBS Group’s price objective would indicate a potential upside of 2.36% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft upped their price target on 3M from $146.00 to $148.00 and gave the stock a “hold” rating in a report on Wednesday, July 27th. Mizuho increased their target price on shares of 3M from $130.00 to $140.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. TheStreet cut shares of 3M from a “b-” rating to a “c+” rating in a report on Wednesday, June 29th. Sanford C. Bernstein reiterated a “mkt perform” rating and issued a $155.00 price objective on shares of 3M in a research note on Wednesday, August 17th. Finally, Credit Suisse Group boosted their target price on 3M from $157.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $147.43.

3M Stock Performance

Shares of MMM stock opened at $123.10 on Friday. The company has a current ratio of 1.47, a quick ratio of 0.90 and a debt-to-equity ratio of 1.01. The firm has a fifty day simple moving average of $135.70 and a two-hundred day simple moving average of $141.80. 3M has a 12 month low of $115.98 and a 12 month high of $187.92. The firm has a market capitalization of $70.12 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 1.21 and a beta of 0.99.

3M (NYSE:MMMGet Rating) last posted its earnings results on Tuesday, July 26th. The conglomerate reported $2.48 EPS for the quarter, topping the consensus estimate of $2.47 by $0.01. 3M had a net margin of 11.83% and a return on equity of 39.11%. The company had revenue of $8.70 billion during the quarter, compared to the consensus estimate of $8.70 billion. During the same period in the previous year, the firm posted $2.59 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. Analysts forecast that 3M will post 10.4 EPS for the current fiscal year.

Insider Buying and Selling at 3M

In other news, insider Michael G. Vale sold 36,771 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $143.26, for a total value of $5,267,813.46. Following the sale, the insider now owns 65,321 shares of the company’s stock, valued at $9,357,886.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Theresa E. Reinseth sold 795 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $143.32, for a total transaction of $113,939.40. Following the sale, the chief accounting officer now owns 1,603 shares of the company’s stock, valued at approximately $229,741.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael G. Vale sold 36,771 shares of 3M stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $143.26, for a total value of $5,267,813.46. Following the transaction, the insider now directly owns 65,321 shares of the company’s stock, valued at approximately $9,357,886.46. The disclosure for this sale can be found here. Insiders have sold a total of 46,121 shares of company stock valued at $6,644,865 over the last three months. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 3M

A number of large investors have recently modified their holdings of the company. US Asset Management LLC bought a new position in 3M in the 1st quarter valued at $34,000. First Quadrant LLC CA purchased a new stake in shares of 3M in the first quarter worth $34,000. Landmark Wealth Management LLC bought a new stake in 3M during the first quarter valued at $25,000. Better Money Decisions LLC purchased a new position in 3M during the second quarter worth about $34,000. Finally, Iron Horse Wealth Management LLC increased its stake in 3M by 125.0% in the 1st quarter. Iron Horse Wealth Management LLC now owns 288 shares of the conglomerate’s stock worth $43,000 after acquiring an additional 160 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors.

3M Company Profile

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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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