3M (NYSE:MMM) Raised to Strong-Buy at StockNews.com

StockNews.com upgraded shares of 3M (NYSE:MMM) from a buy rating to a strong-buy rating in a research note issued to investors on Tuesday morning.

Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada decreased their price objective on 3M from $84.00 to $78.00 and set an underperform rating for the company in a research note on Tuesday, April 2nd. Mizuho reaffirmed a neutral rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Citigroup lifted their price objective on 3M from $95.31 to $98.00 and gave the stock a neutral rating in a research note on Monday, April 8th. Barclays decreased their price objective on 3M from $126.00 to $107.00 and set an overweight rating for the company in a research note on Tuesday, April 2nd. Finally, Bank of America decreased their price objective on 3M from $110.00 to $100.00 and set a neutral rating for the company in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, 3M presently has an average rating of Hold and a consensus target price of $104.00.

3M Stock Up 0.6 %

NYSE MMM opened at $91.48 on Tuesday. The stock has a fifty day moving average of $95.77 and a 200-day moving average of $97.22. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating the consensus estimate of $2.31 by $0.11. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the firm earned $2.28 EPS. Analysts forecast that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.60%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MMM. Markel Corp boosted its position in shares of 3M by 6.5% during the first quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after buying an additional 16,550 shares during the period. Axiom Financial Strategies LLC raised its holdings in 3M by 5.3% during the first quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock worth $942,000 after acquiring an additional 326 shares in the last quarter. Dakota Wealth Management bought a new stake in 3M during the first quarter worth about $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in 3M by 17.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock worth $972,000 after acquiring an additional 977 shares in the last quarter. Finally, Covestor Ltd raised its holdings in 3M by 73.0% during the first quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock worth $190,000 after acquiring an additional 538 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's 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.