3M (MMM) Reaches New 12-Month Low at $184.50

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3M Co (NYSE:MMM)’s share price hit a new 52-week low during trading on Tuesday . The stock traded as low as $184.50 and last traded at $191.15, with a volume of 324053 shares traded. The stock had previously closed at $201.36.

Several equities analysts recently commented on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. UBS Group upped their price target on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Deutsche Bank upped their price target on shares of 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research report on Friday, September 28th. Morgan Stanley assumed coverage on shares of 3M in a research report on Monday, August 20th. They set an “equal weight” rating and a $212.00 price target for the company. Finally, Barclays dropped their price target on shares of 3M from $210.00 to $201.00 and set an “underweight” rating for the company in a research report on Wednesday, July 25th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $233.79.

The stock has a market capitalization of $117.23 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 1.91 and a beta of 1.15. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.56.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.58 by $0.01. 3M had a net margin of 13.44% and a return on equity of 51.31%. The company had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.36 billion. During the same quarter in the prior year, the business earned $2.58 earnings per share. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, research analysts anticipate that 3M Co will post 10.27 earnings per share for the current fiscal year.

In other news, insider Jon T. Lindekugel sold 6,410 shares of the stock in a transaction on Friday, August 10th. The shares were sold at an average price of $203.01, for a total value of $1,301,294.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the sale, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Holderness Investments Co. boosted its stake in shares of 3M by 7.3% in the second quarter. Holderness Investments Co. now owns 4,350 shares of the conglomerate’s stock valued at $856,000 after purchasing an additional 295 shares during the period. Fundsmith Equity Fund L.P. purchased a new position in shares of 3M in the second quarter valued at $668,488,000. CWH Capital Management Inc. purchased a new position in shares of 3M in the second quarter valued at $220,000. State Treasurer State of Michigan boosted its stake in shares of 3M by 0.3% in the second quarter. State Treasurer State of Michigan now owns 175,776 shares of the conglomerate’s stock valued at $34,579,000 after purchasing an additional 500 shares during the period. Finally, Boulegeris Investments Inc. boosted its stake in shares of 3M by 28.8% in the second quarter. Boulegeris Investments Inc. now owns 6,526 shares of the conglomerate’s stock valued at $1,284,000 after purchasing an additional 1,461 shares during the period. 67.17% of the stock is owned by institutional investors.

About 3M (NYSE:MMM)

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.

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