3M (NYSE:MMM) Now Covered by Analysts at StockNews.com

StockNews.com began coverage on shares of 3M (NYSE:MMM) in a research report sent to investors on Wednesday. The brokerage issued a buy rating on the conglomerate’s stock.

Other research analysts have also issued reports about the company. Barclays raised 3M from an equal weight rating to an overweight rating and raised their price target for the company from $111.00 to $126.00 in a report on Tuesday, March 19th. Mizuho lowered their price target on 3M from $120.00 to $105.00 and set a neutral rating on the stock in a report on Wednesday, January 24th. Citigroup lowered their price target on 3M from $117.00 to $104.00 and set a neutral rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada reissued an underperform rating and set a $84.00 price target on shares of 3M in a report on Wednesday, March 20th. Finally, Wells Fargo & Company lowered their price target on 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $107.60.

3M Price Performance

Shares of NYSE MMM opened at $104.61 on Wednesday. 3M has a 1-year low of $85.35 and a 1-year high of $113.14. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The business’s fifty day moving average price is $96.89 and its two-hundred day moving average price is $97.74. The firm has a market capitalization of $57.82 billion, a PE ratio of -8.26, a P/E/G ratio of 1.48 and a beta of 1.00.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the company earned $2.28 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, research analysts expect that 3M will post 9.77 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 5.77%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 3M

A number of institutional investors have recently bought and sold shares of MMM. Markel Corp increased its stake in 3M by 6.5% in the 1st quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after purchasing an additional 16,550 shares in the last quarter. Axiom Financial Strategies LLC grew its stake in 3M by 5.3% during the 1st quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock valued at $942,000 after acquiring an additional 326 shares in the last quarter. Dakota Wealth Management purchased a new position in 3M during the 1st quarter valued at about $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in 3M by 17.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock valued at $972,000 after acquiring an additional 977 shares in the last quarter. Finally, Covestor Ltd grew its stake in 3M by 73.0% during the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock valued at $190,000 after acquiring an additional 538 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.