StockNews.com Upgrades 3M (NYSE:MMM) to Strong-Buy

StockNews.com upgraded shares of 3M (NYSE:MMM) from a buy rating to a strong-buy rating in a report released on Tuesday morning.

Several other equities analysts also recently commented on MMM. Wells Fargo & Company lowered their target price on shares of 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a report on Wednesday, January 24th. Mizuho restated a neutral rating and set a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. Bank of America decreased their target price on 3M from $110.00 to $100.00 and set a neutral rating on the stock in a research report on Tuesday, April 2nd. Royal Bank of Canada cut their price target on 3M from $84.00 to $78.00 and set an underperform rating for the company in a report on Tuesday, April 2nd. Finally, Barclays reduced their price objective on 3M from $126.00 to $107.00 and set an overweight rating on the stock in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, 3M has a consensus rating of Hold and a consensus price target of $103.50.

3M Trading Down 0.3 %

Shares of MMM stock opened at $91.05 on Tuesday. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The stock has a fifty day simple moving average of $95.87 and a two-hundred day simple moving average of $97.31. The firm has a market capitalization of $50.38 billion, a PE ratio of -7.21, a PEG ratio of 1.61 and a beta of 1.02. 3M has a 52-week low of $71.12 and a 52-week high of $95.67.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter last year, the business posted $2.28 earnings per share. The firm’s revenue was down 1.1% on a year-over-year basis. On average, analysts predict that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.63%. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is currently -47.82%.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fragasso Group Inc. raised its stake in shares of 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after buying an additional 93 shares during the period. McIlrath & Eck LLC raised its position in shares of 3M by 13.3% in the fourth quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock valued at $100,000 after buying an additional 98 shares during the last quarter. Orion Portfolio Solutions LLC lifted its stake in shares of 3M by 1.2% in the first quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock worth $1,182,000 after buying an additional 98 shares in the last quarter. Vestcor Inc boosted its position in 3M by 0.8% during the fourth quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock worth $1,575,000 after acquiring an additional 102 shares during the last quarter. Finally, Bangor Savings Bank grew its stake in 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after acquiring an additional 104 shares in the last quarter. 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.