StockNews.com Upgrades 3M (NYSE:MMM) to “Strong-Buy”

3M (NYSE:MMM) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Thursday.

MMM has been the topic of several other research reports. Mizuho reiterated a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Citigroup increased their price target on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company reduced their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Bank of America reduced their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. reduced their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average target price of $104.00.

3M Stock Performance

Shares of NYSE:MMM opened at $91.80 on Thursday. The company’s 50 day moving average price is $95.71 and its two-hundred day moving average price is $97.37. 3M has a 12-month low of $71.12 and a 12-month high of $95.67. The firm has a market cap of $50.80 billion, a PE ratio of -7.27, a PEG ratio of 1.82 and a beta of 1.02. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the prior year, the business posted $2.28 EPS. The business’s revenue was down 1.1% compared to the same quarter last year. Equities research analysts predict that 3M will post 7.87 earnings per share for the current year.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were 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 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 is available through this hyperlink. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Large investors have recently modified their holdings of the business. Tributary Capital Management LLC bought a new position in shares of 3M during the first quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. increased its position in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the period. Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the first quarter worth $32,000. Livelsberger Financial Advisory acquired a new stake in shares of 3M during the fourth quarter worth $35,000. Finally, CGC Financial Services LLC increased its position in shares of 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after buying an additional 160 shares during the period. 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'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.