Stock analysts at Morgan Stanley began coverage on shares of 3M (NYSE:MMM) in a report issued on Monday, The Fly reports. The firm set an “equal weight” rating and a $212.00 price target on the conglomerate’s stock. Morgan Stanley’s target price indicates a potential upside of 3.62% from the stock’s previous close.
Other equities research analysts also recently issued reports about the company. MED downgraded 3M from a “buy” rating to a “hold” rating and set a $208.00 price target for the company. in a research note on Thursday, July 12th. UBS Group cut their price objective on 3M from $250.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, April 26th. Jefferies Financial Group downgraded 3M from a “buy” rating to a “hold” rating and cut their price objective for the company from $259.77 to $200.00 in a research note on Wednesday, May 16th. Stifel Nicolaus cut their price objective on 3M from $225.00 to $210.00 and set a “hold” rating on the stock in a research note on Wednesday, April 25th. Finally, Deutsche Bank reissued a “hold” rating and issued a $208.00 price objective on shares of 3M in a research note on Thursday, July 12th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $234.67.
MMM opened at $204.60 on Monday. 3M has a fifty-two week low of $190.57 and a fifty-two week high of $259.77. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08. The stock has a market cap of $120.12 billion, a PE ratio of 22.31, a PEG ratio of 1.94 and a beta of 1.17.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.58 by $0.01. 3M had a return on equity of 51.31% and a net margin of 13.44%. The company had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.36 billion. During the same period last year, the business earned $2.58 EPS. The business’s quarterly revenue was up 7.4% on a year-over-year basis. research analysts forecast that 3M will post 10.37 EPS for the current fiscal year.
In other news, insider Jon T. Lindekugel sold 6,410 shares of 3M stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $203.01, for a total transaction of $1,301,294.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.72% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in MMM. Rainier Group Investment Advisory LLC bought a new position in 3M in the 1st quarter valued at $114,000. Quattro Financial Advisors LLC bought a new position in 3M in the 1st quarter valued at $119,000. Ballew Advisors Inc bought a new position in 3M in the 1st quarter valued at $122,000. Stelac Advisory Services LLC bought a new position in 3M in the 1st quarter valued at $125,000. Finally, Avestar Capital LLC raised its position in 3M by 161.2% in the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after purchasing an additional 432 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.
3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
Read More: Short Selling
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.