3M Co (NYSE:MMM) – Stock analysts at William Blair cut their Q4 2019 earnings per share estimates for 3M in a research report issued to clients and investors on Thursday, October 24th. William Blair analyst N. Heymann now anticipates that the conglomerate will post earnings per share of $2.15 for the quarter, down from their previous estimate of $2.42. William Blair also issued estimates for 3M’s Q1 2020 earnings at $2.25 EPS, Q2 2020 earnings at $2.28 EPS, Q3 2020 earnings at $2.59 EPS, Q4 2020 earnings at $2.53 EPS and FY2020 earnings at $9.65 EPS.
Other analysts have also recently issued reports about the stock. Citigroup lowered their price objective on shares of 3M from $197.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Wolfe Research set a $177.00 price objective on shares of 3M and gave the company a “sell” rating in a research note on Friday. Morgan Stanley lowered their price objective on shares of 3M from $173.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on shares of 3M from $140.00 to $143.00 and gave the company an “underweight” rating in a research note on Thursday, October 10th. Finally, Credit Suisse Group upped their price target on shares of 3M from $180.00 to $194.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $174.17.
Shares of NYSE MMM opened at $169.06 on Monday. 3M has a 52-week low of $150.58 and a 52-week high of $219.75. The firm has a fifty day moving average of $163.22 and a 200-day moving average of $171.67. The stock has a market capitalization of $93.13 billion, a PE ratio of 16.16, a P/E/G ratio of 1.87 and a beta of 1.11. The company has a quick ratio of 1.34, a current ratio of 2.30 and a debt-to-equity ratio of 1.62.
3M (NYSE:MMM) last announced its quarterly earnings data on Thursday, October 24th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.09. 3M had a net margin of 15.48% and a return on equity of 54.02%. The company had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same period in the previous year, the company earned $2.58 EPS. The business’s quarterly revenue was down 2.0% compared to the same quarter last year.
A number of institutional investors have recently made changes to their positions in the stock. Kempen Capital Management N.V. purchased a new position in 3M in the 2nd quarter valued at about $25,000. 1 North Wealth Services LLC purchased a new position in 3M in the 3rd quarter valued at about $26,000. Atwater Malick LLC purchased a new position in 3M in the 3rd quarter valued at about $30,000. Arcus Capital Partners LLC purchased a new position in 3M in the 2nd quarter valued at about $35,000. Finally, SRS Capital Advisors Inc. purchased a new position in 3M in the 2nd quarter valued at about $37,000. 66.78% of the stock is owned by hedge funds and other institutional investors.
In related news, insider John Patrick Banovetz sold 1,040 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the completion of the sale, the insider now directly owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.83% of the stock is currently owned by corporate insiders.
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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