Morgan Stanley Lowers 3M (MMM) Price Target to $172.00

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3M (NYSE:MMM) had its target price cut by investment analysts at Morgan Stanley from $184.00 to $172.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The brokerage currently has an “equal weight” rating on the conglomerate’s stock. Morgan Stanley’s target price suggests a potential upside of 3.51% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. dropped their target price on shares of 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a research report on Friday, May 17th. Barclays lowered their price objective on shares of 3M from $189.00 to $188.00 and set an “underweight” rating for the company in a research report on Wednesday, April 3rd. Wolfe Research set a $174.00 price objective on shares of 3M and gave the company a “sell” rating in a research report on Friday, April 26th. Finally, Deutsche Bank lowered their price objective on shares of 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research report on Friday, April 26th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. 3M currently has a consensus rating of “Hold” and an average target price of $195.83.

Shares of NYSE:MMM traded up $0.30 during midday trading on Friday, hitting $166.17. 33,324 shares of the company’s stock traded hands, compared to its average volume of 4,944,481. The company has a current ratio of 2.02, a quick ratio of 1.38 and a debt-to-equity ratio of 1.60. The firm has a market capitalization of $96.44 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 1.75 and a beta of 0.99. 3M has a twelve month low of $165.61 and a twelve month high of $219.75.

3M (NYSE:MMM) last posted its earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.50 by ($0.27). The business had revenue of $7.86 billion for the quarter, compared to analyst estimates of $8.02 billion. 3M had a net margin of 17.43% and a return on equity of 57.42%. The business’s revenue was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.50 EPS. On average, analysts predict that 3M will post 9.39 earnings per share for the current year.

In other news, Director David B. Dillon purchased 1,200 shares of 3M stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average price of $169.50 per share, for a total transaction of $203,400.00. Following the transaction, the director now owns 1,200 shares in the company, valued at $203,400. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Inge G. Thulin sold 5,863 shares of the company’s stock in a transaction that occurred on Friday, March 29th. The shares were sold at an average price of $207.78, for a total transaction of $1,218,214.14. Following the completion of the sale, the chairman now owns 268,188 shares of the company’s stock, valued at approximately $55,724,102.64. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 3,200 shares of company stock valued at $559,260. 0.83% of the stock is owned by insiders.

Several large investors have recently modified their holdings of MMM. Lederer & Associates Investment Counsel CA boosted its holdings in shares of 3M by 2.1% during the 1st quarter. Lederer & Associates Investment Counsel CA now owns 2,410 shares of the conglomerate’s stock worth $501,000 after buying an additional 50 shares during the period. Shine Investment Advisory Services Inc. boosted its holdings in shares of 3M by 35.2% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock worth $40,000 after buying an additional 50 shares during the period. Peoples Financial Services CORP. boosted its holdings in shares of 3M by 0.3% during the 1st quarter. Peoples Financial Services CORP. now owns 16,027 shares of the conglomerate’s stock worth $3,330,000 after buying an additional 50 shares during the period. Destination Wealth Management boosted its holdings in shares of 3M by 3.1% during the 1st quarter. Destination Wealth Management now owns 1,782 shares of the conglomerate’s stock worth $370,000 after buying an additional 54 shares during the period. Finally, Bfsg LLC boosted its holdings in shares of 3M by 0.4% during the 1st quarter. Bfsg LLC now owns 14,084 shares of the conglomerate’s stock worth $2,926,000 after buying an additional 55 shares during the period. Institutional investors and hedge funds own 66.14% of the company’s stock.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Analyst Recommendations for 3M (NYSE:MMM)

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