Royal Bank Of Canada reaffirmed their hold rating on shares of 3M Company (NYSE:MMM) in a research note released on Friday morning. They currently have a $209.00 price objective on the conglomerate’s stock.
Other research analysts have also issued research reports about the stock. Morgan Stanley raised their price objective on shares of 3M from $178.00 to $193.00 and gave the company an underweight rating in a research note on Friday, June 9th. BidaskClub lowered shares of 3M from a buy rating to a hold rating in a research report on Monday, July 24th. Stifel Nicolaus restated a hold rating and issued a $202.00 price target on shares of 3M in a research report on Wednesday, July 19th. Zacks Investment Research upgraded shares of 3M from a hold rating to a buy rating and set a $237.00 price target on the stock in a research report on Monday, June 19th. Finally, Bank of America Corporation restated a buy rating and issued a $225.00 price target (up previously from $208.00) on shares of 3M in a research report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. 3M currently has an average rating of Hold and an average price target of $206.85.
Shares of 3M (NYSE MMM) traded up 0.91% during midday trading on Friday, hitting $213.35. The stock had a trading volume of 3,636,437 shares. The company has a market cap of $127.32 billion, a P/E ratio of 24.34 and a beta of 1.08. The firm has a 50 day moving average of $205.40 and a 200-day moving average of $200.88. 3M has a one year low of $163.85 and a one year high of $214.57.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). 3M had a net margin of 17.65% and a return on equity of 47.83%. The company had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the prior year, the business earned $2.08 EPS. 3M’s revenue was up 1.9% compared to the same quarter last year. On average, analysts forecast that 3M will post $8.94 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a $1.175 dividend. This represents a $4.70 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio is 53.59%.
In related news, insider Paul A. Keel sold 4,965 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the completion of the transaction, the insider now owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock valued at $1,878,890 in the last ninety days. Company insiders own 0.58% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Jackson Grant Investment Advisers Inc. boosted its stake in 3M by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 4 shares during the period. Founders Capital Management LLC boosted its stake in 3M by 0.4% in the 1st quarter. Founders Capital Management LLC now owns 1,939 shares of the conglomerate’s stock worth $371,000 after purchasing an additional 8 shares during the period. Baystate Wealth Management LLC boosted its stake in 3M by 0.6% in the 1st quarter. Baystate Wealth Management LLC now owns 1,950 shares of the conglomerate’s stock worth $370,000 after purchasing an additional 11 shares during the period. Capital Management Corp VA boosted its stake in 3M by 0.3% in the 1st quarter. Capital Management Corp VA now owns 3,934 shares of the conglomerate’s stock worth $753,000 after purchasing an additional 11 shares during the period. Finally, Smith Chas P & Associates PA Cpas boosted its stake in 3M by 0.7% in the 1st quarter. Smith Chas P & Associates PA Cpas now owns 1,952 shares of the conglomerate’s stock worth $374,000 after purchasing an additional 13 shares during the period. 66.31% of the stock is owned by hedge funds and other institutional investors.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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