Recent Analysts’ Ratings Changes for 3M (MMM)

3M (NYSE: MMM) has recently received a number of price target changes and ratings updates:

• 10/28/2024 – 3M had its price target raised by analysts at JPMorgan Chase & Co. from $160.00 to $165.00. They now have an “overweight” rating on the stock.
• 10/23/2024 – 3M had its price target raised by analysts at Royal Bank of Canada from $99.00 to $100.00. They now have an “underperform” rating on the stock.
• 10/23/2024 – 3M had its price target raised by analysts at Barclays PLC from $160.00 to $165.00. They now have an “overweight” rating on the stock.
• 10/23/2024 – 3M had its price target raised by analysts at Bank of America Co. from $143.00 to $160.00. They now have a “buy” rating on the stock.
• 10/22/2024 – 3M was upgraded by analysts at Melius Research from a “hold” rating to a “buy” rating. They now have a $180.00 price target on the stock.
• 10/22/2024 – 3M was upgraded by analysts at Melius from a “hold” rating to a “buy” rating.
• 10/17/2024 – 3M had its price target raised by analysts at Mizuho from $105.00 to $146.00. They now have a “neutral” rating on the stock.
• 10/7/2024 – 3M had its price target raised by analysts at Wells Fargo & Company from $130.00 to $140.00. They now have an “equal weight” rating on the stock.
• 10/2/2024 – 3M had its price target raised by analysts at Barclays PLC from $145.00 to $160.00. They now have an “overweight” rating on the stock.
• 9/6/2024 – 3M is now covered by analysts at Morgan Stanley. They set an “underweight” rating and a $125.00 price target on the stock.

3M Trading Down 1.0 %

NYSE MMM opened at $127.22 on Monday. The stock’s 50-day moving average is $133.00 and its 200-day moving average is $115.48. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a market cap of $69.28 billion, a P/E ratio of 16.06, a P/E/G ratio of 2.07 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the company earned $2.68 earnings per share. The firm’s revenue was down 24.3% compared to the same quarter last year. Sell-side analysts anticipate that 3M will post 7.28 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is 35.35%.

Insiders Place Their Bets

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

A number of institutional investors have recently added to or reduced their stakes in MMM. Ballentine Partners LLC grew its holdings in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after acquiring an additional 5,210 shares during the last quarter. Stonegate Investment Group LLC lifted its position in shares of 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after purchasing an additional 13,473 shares during the period. Ausdal Financial Partners Inc. boosted its stake in shares of 3M by 6.7% in the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after purchasing an additional 249 shares during the last quarter. Candriam S.C.A. raised its stake in 3M by 19.2% during the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after buying an additional 6,185 shares during the last quarter. Finally, True Vision MN LLC acquired a new position in 3M in the second quarter valued at $512,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.