Royal Bank of Canada Reiterates “Underperform” Rating for 3M (NYSE:MMM)

3M (NYSE:MMM)‘s stock had its “underperform” rating reiterated by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $96.00 price target on the conglomerate’s stock. Royal Bank of Canada’s price objective would indicate a potential downside of 38.16% from the stock’s current price.

MMM has been the subject of a number of other research reports. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Bank of America lifted their price objective on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research report on Wednesday, February 19th. Citigroup lifted their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $148.87.

3M Stock Performance

Shares of MMM stock opened at $155.25 on Thursday. The stock’s fifty day simple moving average is $142.73 and its 200-day simple moving average is $135.42. The company has a market capitalization of $84.29 billion, a price-to-earnings ratio of 20.56, a P/E/G ratio of 3.30 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 1-year low of $75.40 and a 1-year high of $155.50.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm’s quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 EPS. On average, sell-side analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

Insider Buying and Selling at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the sale, the chairman now directly owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

A number of hedge funds have recently bought and sold shares of the stock. Financial Life Planners acquired a new position in shares of 3M during the fourth quarter valued at about $25,000. Proficio Capital Partners LLC acquired a new position in 3M in the 4th quarter valued at approximately $26,000. REAP Financial Group LLC lifted its position in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 94 shares during the period. FSA Wealth Management LLC acquired a new stake in shares of 3M during the 3rd quarter worth approximately $27,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the 4th quarter worth approximately $27,000. 65.25% of the stock is owned by institutional investors.

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.