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

3M (NYSE:MMM) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Thursday.

MMM has been the topic of several other reports. Citigroup lifted their price target on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Bank of America cut their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Mizuho reissued a “neutral” rating and set a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. Wells Fargo & Company lowered their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, 3M currently has an average rating of “Hold” and an average price target of $104.00.

3M Price Performance

Shares of NYSE:MMM opened at $92.02 on Thursday. The company’s fifty day moving average price is $95.72 and its 200 day moving average price is $97.39. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The firm has a market capitalization of $50.92 billion, a P/E ratio of -7.29, a P/E/G ratio of 1.83 and a beta of 1.02.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the business earned $2.28 EPS. 3M’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that 3M will post 7.87 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.38% of the company’s stock.

Institutional Trading of 3M

Several hedge funds and other institutional investors have recently made changes to their positions in MMM. Tributary Capital Management LLC purchased a new stake in 3M during the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. grew its position in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the period. Northwest Investment Counselors LLC acquired a new position in 3M during the first quarter worth about $32,000. Briaud Financial Planning Inc acquired a new position in 3M during the third quarter worth about $35,000. Finally, Livelsberger Financial Advisory acquired a new position in 3M during the fourth quarter worth about $35,000. 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.