3M (NYSE:MMM) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of 3M (NYSE:MMMFree Report) from a neutral rating to a buy rating in a research note issued to investors on Friday, Marketbeat Ratings reports. They currently have $120.00 price objective on the conglomerate’s stock, up from their prior price objective of $105.00.

Several other equities research analysts also recently issued reports on MMM. Royal Bank of Canada raised their price target on 3M from $78.00 to $87.00 and gave the company an underperform rating in a report on Wednesday, May 1st. Mizuho reaffirmed a neutral rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Barclays increased their price target on shares of 3M from $112.00 to $118.00 and gave the company an overweight rating in a report on Tuesday, May 28th. HSBC upgraded 3M from a hold rating to a buy rating and boosted their price objective for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Finally, StockNews.com assumed coverage on 3M in a research note on Thursday. They set a buy rating on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $110.36.

View Our Latest Report on 3M

3M Trading Up 2.7 %

Shares of MMM opened at $100.86 on Friday. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The firm has a 50-day moving average of $96.36 and a 200-day moving average of $99.06. 3M has a one year low of $71.12 and a one year high of $106.04.

3M (NYSE:MMMGet Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter last year, the company posted $1.97 earnings per share. Sell-side analysts anticipate that 3M will post 7.23 earnings per share for the current year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Thursday, May 23rd. 3M’s dividend payout ratio is currently -22.01%.

Institutional Investors Weigh In On 3M

Several institutional investors and hedge funds have recently added to or reduced their stakes in MMM. Vanguard Group Inc. lifted its stake in 3M by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after purchasing an additional 377,703 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of 3M by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after acquiring an additional 43,732 shares during the last quarter. Norges Bank acquired a new stake in shares of 3M during the 4th quarter valued at $502,585,000. Bank of New York Mellon Corp grew its position in 3M by 10.6% during the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after acquiring an additional 435,439 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in 3M by 2.4% in the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after purchasing an additional 94,864 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

About 3M

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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.

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Analyst Recommendations for 3M (NYSE:MMM)

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