3M’s (MMM) “Hold (C+)” Rating Reiterated at Weiss Ratings

Weiss Ratings reaffirmed their hold (c+) rating on shares of 3M (NYSE:MMM) in a research report released on Thursday morning,Weiss Ratings reports.

A number of other equities research analysts also recently commented on MMM. Royal Bank of Canada boosted their target price on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on shares of 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Citigroup cut their target price on 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Bank of America boosted their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. 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, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $147.00.

3M Trading Down 1.1 %

Shares of MMM stock opened at $137.30 on Thursday. The firm has a market capitalization of $73.89 billion, a PE ratio of 18.19, a PEG ratio of 3.30 and a beta of 1.01. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The stock has a fifty day simple moving average of $143.15 and a two-hundred day simple moving average of $138.23. 3M has a 52-week low of $91.56 and a 52-week high of $156.35.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is 36.87%.

Insiders Place Their Bets

In related news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of 3M stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the sale, the executive vice president now directly owns 4,902 shares of the company’s stock, valued at approximately $734,564.70. This represents a 57.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,736 shares of company stock worth $9,081,260. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 3M

Several hedge funds and other institutional investors have recently bought and sold shares of MMM. Tudor Financial Inc. acquired a new stake in 3M during the third quarter worth about $259,000. World Investment Advisors LLC boosted its position in 3M by 22.4% during the third quarter. World Investment Advisors LLC now owns 11,768 shares of the conglomerate’s stock worth $1,609,000 after purchasing an additional 2,155 shares in the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of 3M by 255.1% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 78,978 shares of the conglomerate’s stock worth $10,796,000 after buying an additional 56,734 shares during the period. Tidal Investments LLC lifted its position in shares of 3M by 44.7% during the 3rd quarter. Tidal Investments LLC now owns 72,733 shares of the conglomerate’s stock valued at $9,943,000 after buying an additional 22,461 shares in the last quarter. Finally, Peapack Gladstone Financial Corp raised its position in 3M by 0.7% during the third quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate’s stock worth $15,993,000 after acquiring an additional 830 shares during the period. Institutional investors and hedge funds 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.